https://www.taxtmi.com/caselaws?id=278189 The ITAT Pune allowed the appeal of the Revenue, upholding the Assessing Officer's decision to deny the deduction under Sec. 54 of the Income Tax Act to the assessee. The Tribunal relied on the Bombay High Court's ruling in Humayun Suleman Merchant case, emphasizing the binding nature of High Court decisions on subordinate authorities. The assessee's failure to comply with the timeline for investment and deposit of capital gains led to the decision in favor of the Revenue. The judgment highlighted the importance of adhering to statutory provisions and judicial precedents in tax matters. en-us Wed, 20 Dec 2017 00:00:00 +0530 Thu, 17 Jan 2019 06:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278189 The ITAT Pune allowed the appeal of the Revenue, upholding the Assessing Officer's decision to deny the deduction under Sec. 54 of the Income Tax Act to the assessee. The Tribunal relied on the Bombay High Court's ruling in Humayun Suleman Merchant case, emphasizing the binding nature of High Court decisions on subordinate authorities. The assessee's failure to comply with the timeline for investment and deposit of capital gains led to the decision in favor of the Revenue. The judgment highlighted the importance of adhering to statutory provisions and judicial precedents in tax matters. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278189