https://www.taxtmi.com/caselaws?id=344168 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee in a dispute over Section 54 of the Income Tax Act. The Assessing Officer's restriction on the deduction claimed under Section 54 was deemed incorrect as the assessee purchased and paid for the new house within the stipulated two-year period from the transfer of the original asset. The Tribunal affirmed that issuing cheques before the return filing date satisfied the payment requirement, ultimately dismissing the Revenue's appeal and confirming the assessee's compliance with Section 54. en-us Fri, 26 May 2017 00:00:00 +0530 Sat, 10 Jun 2017 06:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344168 The ITAT upheld the CIT(A)'s decision, ruling in favor of the assessee in a dispute over Section 54 of the Income Tax Act. The Assessing Officer's restriction on the deduction claimed under Section 54 was deemed incorrect as the assessee purchased and paid for the new house within the stipulated two-year period from the transfer of the original asset. The Tribunal affirmed that issuing cheques before the return filing date satisfied the payment requirement, ultimately dismissing the Revenue's appeal and confirming the assessee's compliance with Section 54. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344168