https://www.taxtmi.com/caselaws?id=394105 The case involved disputes over deductions claimed under sections 54 and 54F of the Income Tax Act for the assessment year 2014-15. The CIT(A) ruled in favor of the assessee, allowing the deductions for the sale of a shop and a flat, emphasizing compliance with conditions and justifying the investments in new properties. Additionally, an addition of Rs. 5,00,000 as unexplained cash credit under section 68 was challenged, with the CIT(A) deleting the addition due to lack of evidence on bookkeeping obligations. The ITAT upheld the CIT(A)'s decisions, supporting the assessee in both deduction and cash credit disputes. en-us Thu, 24 Oct 2019 00:00:00 +0530 Tue, 09 Aug 2022 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394105 The case involved disputes over deductions claimed under sections 54 and 54F of the Income Tax Act for the assessment year 2014-15. The CIT(A) ruled in favor of the assessee, allowing the deductions for the sale of a shop and a flat, emphasizing compliance with conditions and justifying the investments in new properties. Additionally, an addition of Rs. 5,00,000 as unexplained cash credit under section 68 was challenged, with the CIT(A) deleting the addition due to lack of evidence on bookkeeping obligations. The ITAT upheld the CIT(A)'s decisions, supporting the assessee in both deduction and cash credit disputes. Case-Laws Income Tax Thu, 24 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394105