https://www.taxtmi.com/caselaws?id=338007 The appeal was filed by the revenue against the order of CIT(A)-V, Hyderabad, for AY 2007-08, contesting the exemption u/s 54 granted by the CIT(A). The CIT(A) upheld the disallowance of expenditure but deleted the additions made under long term capital gains and unexplained investment u/s 69 of the Act. The Tribunal allowed the exemption u/s 54F for property purchased in the name of the assessee's wife, emphasizing that the net consideration invested in the new asset was crucial for eligibility, regardless of ownership. The assessee's appeal was ultimately allowed. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 23 Jan 2017 08:55:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338007 The appeal was filed by the revenue against the order of CIT(A)-V, Hyderabad, for AY 2007-08, contesting the exemption u/s 54 granted by the CIT(A). The CIT(A) upheld the disallowance of expenditure but deleted the additions made under long term capital gains and unexplained investment u/s 69 of the Act. The Tribunal allowed the exemption u/s 54F for property purchased in the name of the assessee's wife, emphasizing that the net consideration invested in the new asset was crucial for eligibility, regardless of ownership. The assessee's appeal was ultimately allowed. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338007