https://www.taxtmi.com/caselaws?id=355249 The Tribunal ruled in favor of the assessee, a non-resident, in a tax dispute concerning the deduction under section 54 of the Income Tax Act. The Tribunal held that the splitting of payment for a residential property and furniture was artificial, and the actual consideration for the property should be considered as claimed by the assessee. Consequently, the Tribunal directed the Assessing Officer to delete the disallowance of deduction under section 54 to the extent of Rs. 18,00,000, allowing the assessee's appeal. en-us Fri, 09 Feb 2018 00:00:00 +0530 Sat, 10 Mar 2018 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355249 The Tribunal ruled in favor of the assessee, a non-resident, in a tax dispute concerning the deduction under section 54 of the Income Tax Act. The Tribunal held that the splitting of payment for a residential property and furniture was artificial, and the actual consideration for the property should be considered as claimed by the assessee. Consequently, the Tribunal directed the Assessing Officer to delete the disallowance of deduction under section 54 to the extent of Rs. 18,00,000, allowing the assessee's appeal. Case-Laws Income Tax Fri, 09 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355249