https://www.taxtmi.com/caselaws?id=369855 The tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, allowing the deduction under Section 54F of the Income Tax Act for reinvestment in a new residential flat, clarifying that the deeming provision of Section 50 does not affect the nature of the asset for claiming deductions under other sections. Additionally, the tribunal supported the CIT(A)'s deletion of the addition under Section 69B, criticizing the Assessing Officer for disregarding substantial evidence and confirming that the discrepancy in capital account balances was satisfactorily explained by the assessee. en-us Wed, 26 Sep 2018 00:00:00 +0530 Sat, 03 Nov 2018 13:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369855 The tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, allowing the deduction under Section 54F of the Income Tax Act for reinvestment in a new residential flat, clarifying that the deeming provision of Section 50 does not affect the nature of the asset for claiming deductions under other sections. Additionally, the tribunal supported the CIT(A)'s deletion of the addition under Section 69B, criticizing the Assessing Officer for disregarding substantial evidence and confirming that the discrepancy in capital account balances was satisfactorily explained by the assessee. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369855