https://www.taxtmi.com/caselaws?id=391707 The Tribunal upheld the CIT(A)'s decisions in a case involving Income Tax Act, 1961. The addition under Section 2(24)(iv) was deleted as no benefit accrued to the assessee from a payment made by the company, not the shareholders. Additionally, the deduction under Section 54F was allowed as the investment made for a residential house construction was deemed valid, with the Tribunal finding no evidence of personal use of funds. The revenue's appeal was dismissed on both issues. en-us Wed, 29 Jan 2020 00:00:00 +0530 Wed, 05 Feb 2020 14:48:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391707 The Tribunal upheld the CIT(A)'s decisions in a case involving Income Tax Act, 1961. The addition under Section 2(24)(iv) was deleted as no benefit accrued to the assessee from a payment made by the company, not the shareholders. Additionally, the deduction under Section 54F was allowed as the investment made for a residential house construction was deemed valid, with the Tribunal finding no evidence of personal use of funds. The revenue's appeal was dismissed on both issues. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391707