https://www.taxtmi.com/caselaws?id=386465 The Tribunal allowed the appeal of the assessee, holding that the reopening of the case under Section 147/148 was not justified as it was based on the same facts examined during the original assessment. The disallowance of deduction under Section 54 was deemed incorrect as the assessee had invested in a new residential property within the specified period, not necessarily from the same funds received from the sale. The Tribunal found the CIT(A)'s order to be contrary to law and facts, ultimately ruling in favor of the assessee. en-us Wed, 25 Sep 2019 00:00:00 +0530 Sat, 28 Sep 2019 10:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386465 The Tribunal allowed the appeal of the assessee, holding that the reopening of the case under Section 147/148 was not justified as it was based on the same facts examined during the original assessment. The disallowance of deduction under Section 54 was deemed incorrect as the assessee had invested in a new residential property within the specified period, not necessarily from the same funds received from the sale. The Tribunal found the CIT(A)'s order to be contrary to law and facts, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386465