https://www.taxtmi.com/caselaws?id=390371 The Tribunal allowed the appeals in favor of the Assessee in a case involving denial of exemption under Section 54F of the Income Tax Act and addition of cash deposits as undisclosed income. The Tribunal held that the Assessee qualified for the exemption under Section 54F despite delays in construction, based on timely investments and property acquisition. Additionally, the Tribunal ruled that the cash deposits were not undisclosed income, as there was no evidence to refute the Assessee's explanation linking withdrawals to deposits. Both issues were decided in favor of the Assessee in separate but identical judgments. en-us Thu, 12 Dec 2019 00:00:00 +0530 Tue, 31 Dec 2019 14:43:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390371 The Tribunal allowed the appeals in favor of the Assessee in a case involving denial of exemption under Section 54F of the Income Tax Act and addition of cash deposits as undisclosed income. The Tribunal held that the Assessee qualified for the exemption under Section 54F despite delays in construction, based on timely investments and property acquisition. Additionally, the Tribunal ruled that the cash deposits were not undisclosed income, as there was no evidence to refute the Assessee's explanation linking withdrawals to deposits. Both issues were decided in favor of the Assessee in separate but identical judgments. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390371