https://www.taxtmi.com/caselaws?id=327427 The Tribunal allowed the appeal of the assessee, quashing the reassessment proceedings due to lack of tangible material for initiating reassessment. Consequently, the denial of exemption under section 54F was deemed unjustified, as completion of construction within the specified period was not a prerequisite for maintaining the exemption. However, the addition towards deemed dividend under section 2(22)(e) was upheld by the Tribunal due to the lack of documentary evidence to support the assessee's contention. The Tribunal's decision was pronounced on 29-03-2016. en-us Tue, 29 Mar 2016 00:00:00 +0530 Wed, 11 May 2016 10:40:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327427 The Tribunal allowed the appeal of the assessee, quashing the reassessment proceedings due to lack of tangible material for initiating reassessment. Consequently, the denial of exemption under section 54F was deemed unjustified, as completion of construction within the specified period was not a prerequisite for maintaining the exemption. However, the addition towards deemed dividend under section 2(22)(e) was upheld by the Tribunal due to the lack of documentary evidence to support the assessee's contention. The Tribunal's decision was pronounced on 29-03-2016. Case-Laws Income Tax Tue, 29 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327427