https://www.taxtmi.com/caselaws?id=331435 The Tribunal upheld the CIT(A)'s decisions in a case involving Long Term Capital Gain and exemption under Section 54 of the Income Tax Act, 1961, and the deletion of addition on account of the cessation of liability of an unsecured loan. The assessee was found eligible for the exemption under Section 54 as the sold and purchased units were part of a single residential unit. Additionally, the unsecured loan was considered a gift from a close relative and not taxable under Section 41(1) or Section 56(2) of the Act. The Revenue's appeal was dismissed on both grounds. en-us Wed, 20 Jul 2016 00:00:00 +0530 Tue, 23 Aug 2016 14:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331435 The Tribunal upheld the CIT(A)'s decisions in a case involving Long Term Capital Gain and exemption under Section 54 of the Income Tax Act, 1961, and the deletion of addition on account of the cessation of liability of an unsecured loan. The assessee was found eligible for the exemption under Section 54 as the sold and purchased units were part of a single residential unit. Additionally, the unsecured loan was considered a gift from a close relative and not taxable under Section 41(1) or Section 56(2) of the Act. The Revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331435