https://www.taxtmi.com/caselaws?id=383825 The High Court dismissed the Revenue's appeals challenging the deduction under Section 54F for constructing a commercial building, citing a misinterpretation by the Tribunal. The Court also addressed the issue of the Tribunal's failure to consider the Revenue's arguments on the land value deduction. Due to the tax effect falling below the threshold set by a recent circular, the appeals were dismissed. The Revenue was granted liberty to restore the appeals if unaffected by the monetary limit, with no costs awarded, and the miscellaneous petition was closed. en-us Wed, 03 Jul 2019 00:00:00 +0530 Thu, 01 Aug 2019 06:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383825 The High Court dismissed the Revenue's appeals challenging the deduction under Section 54F for constructing a commercial building, citing a misinterpretation by the Tribunal. The Court also addressed the issue of the Tribunal's failure to consider the Revenue's arguments on the land value deduction. Due to the tax effect falling below the threshold set by a recent circular, the appeals were dismissed. The Revenue was granted liberty to restore the appeals if unaffected by the monetary limit, with no costs awarded, and the miscellaneous petition was closed. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383825