https://www.taxtmi.com/caselaws?id=403692 The ITAT allowed the appellant's appeal, remitting the matter back to the Assessing Officer for reevaluation. The appellant's claim for exemption u/s 54 was initially denied due to lack of evidence for the cost of construction of a new residential property. The CIT(A) upheld the disallowance, stating the original asset sold was not a residential house eligible for deduction. However, the ITAT disagreed, emphasizing the need for the appellant to provide complete evidence supporting the claim. The judgment stressed the importance of substantiating claims with proper documentation to avail of statutory deductions under the Income-tax Act. en-us Thu, 04 Feb 2021 00:00:00 +0530 Fri, 05 Feb 2021 07:16:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403692 The ITAT allowed the appellant's appeal, remitting the matter back to the Assessing Officer for reevaluation. The appellant's claim for exemption u/s 54 was initially denied due to lack of evidence for the cost of construction of a new residential property. The CIT(A) upheld the disallowance, stating the original asset sold was not a residential house eligible for deduction. However, the ITAT disagreed, emphasizing the need for the appellant to provide complete evidence supporting the claim. The judgment stressed the importance of substantiating claims with proper documentation to avail of statutory deductions under the Income-tax Act. Case-Laws Income Tax Thu, 04 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403692