https://www.taxtmi.com/caselaws?id=398698 The appeal was allowed by the ITAT, directing the Assessing Officer to verify construction payments and consider relevant case law for disallowance of deduction U/s 54F. The AO's findings on the plot's commercial nature were deemed irrelevant, and the ITAT emphasized that the nature of the plot did not affect the deduction claim. Additionally, the ITAT clarified that Section 50C does not apply to deductions under Section 54F, ensuring the assessee's entitlement to exemption based on the full value of consideration specified in the sale deed. The judgment stressed adherence to statutory provisions and judicial interpretations for accurate tax assessments. en-us Fri, 04 Sep 2020 00:00:00 +0530 Tue, 22 Sep 2020 09:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398698 The appeal was allowed by the ITAT, directing the Assessing Officer to verify construction payments and consider relevant case law for disallowance of deduction U/s 54F. The AO's findings on the plot's commercial nature were deemed irrelevant, and the ITAT emphasized that the nature of the plot did not affect the deduction claim. Additionally, the ITAT clarified that Section 50C does not apply to deductions under Section 54F, ensuring the assessee's entitlement to exemption based on the full value of consideration specified in the sale deed. The judgment stressed adherence to statutory provisions and judicial interpretations for accurate tax assessments. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398698