https://www.taxtmi.com/caselaws?id=363502 The Tribunal concluded that the Assessing Officer (A.O.) and the First Appellate Authority erred in not considering the assessee's claim for deduction under Section 54F of the Income Tax Act. The Tribunal set aside the orders passed by the A.O. and directed the A.O. to allow the deduction, emphasizing that tax litigation aims to determine the correct taxable income, not merely to adhere to procedural lapses by taxpayers. As a result, the appeal filed by the assessee was allowed. en-us Wed, 30 May 2018 00:00:00 +0530 Thu, 12 Jul 2018 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363502 The Tribunal concluded that the Assessing Officer (A.O.) and the First Appellate Authority erred in not considering the assessee's claim for deduction under Section 54F of the Income Tax Act. The Tribunal set aside the orders passed by the A.O. and directed the A.O. to allow the deduction, emphasizing that tax litigation aims to determine the correct taxable income, not merely to adhere to procedural lapses by taxpayers. As a result, the appeal filed by the assessee was allowed. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363502