https://www.taxtmi.com/caselaws?id=372689 The Tribunal ruled in favor of the assessee in an appeal against the Principal Commissioner's order for Assessment Year 2010-11. The Tribunal upheld the assessee's claim for deduction under section 54F, determining that the land transferred was used to acquire a new residential property, making them eligible for the deduction. Additionally, the Tribunal found no error in the assessment order regarding the non-admission of rental income, stating that it was not both erroneous and prejudicial to the revenue as required under section 263. Consequently, the Tribunal allowed the assessee's appeal, overturning the Principal Commissioner's order. en-us Thu, 20 Dec 2018 00:00:00 +0530 Thu, 27 Dec 2018 16:01:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372689 The Tribunal ruled in favor of the assessee in an appeal against the Principal Commissioner's order for Assessment Year 2010-11. The Tribunal upheld the assessee's claim for deduction under section 54F, determining that the land transferred was used to acquire a new residential property, making them eligible for the deduction. Additionally, the Tribunal found no error in the assessment order regarding the non-admission of rental income, stating that it was not both erroneous and prejudicial to the revenue as required under section 263. Consequently, the Tribunal allowed the assessee's appeal, overturning the Principal Commissioner's order. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372689