https://www.taxtmi.com/caselaws?id=399687 The Appellate Tribunal ruled in favor of the assessee, holding that they were entitled to the deduction under Section 54 of the Income Tax Act. The Tribunal emphasized that the absence of an Occupation Certificate should not be a basis for denying the deduction when other evidence demonstrated the timely construction of a residential house. As a result, no long-term capital gains were subject to taxation, and the addition made by the Assessing Officer was removed, leading to the allowance of the assessee's appeal. en-us Wed, 14 Oct 2020 00:00:00 +0530 Fri, 16 Oct 2020 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399687 The Appellate Tribunal ruled in favor of the assessee, holding that they were entitled to the deduction under Section 54 of the Income Tax Act. The Tribunal emphasized that the absence of an Occupation Certificate should not be a basis for denying the deduction when other evidence demonstrated the timely construction of a residential house. As a result, no long-term capital gains were subject to taxation, and the addition made by the Assessing Officer was removed, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Wed, 14 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399687