https://www.taxtmi.com/caselaws?id=404140 The Tribunal allowed the Assessee's appeal, holding that the Assessee was entitled to exemption under section 54 of the I.T. Act. The Tribunal considered the date of possession as the relevant date for computing the exemption, in line with precedents. Additionally, the Tribunal emphasized that the appellate authority has the power to consider new claims for a just decision, even if not made through a revised return. As a result, the Tribunal set aside the lower authorities' orders, deleted the addition made by the A.O., and allowed the Assessee's appeal. en-us Tue, 02 Feb 2021 00:00:00 +0530 Tue, 13 Apr 2021 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404140 The Tribunal allowed the Assessee's appeal, holding that the Assessee was entitled to exemption under section 54 of the I.T. Act. The Tribunal considered the date of possession as the relevant date for computing the exemption, in line with precedents. Additionally, the Tribunal emphasized that the appellate authority has the power to consider new claims for a just decision, even if not made through a revised return. As a result, the Tribunal set aside the lower authorities' orders, deleted the addition made by the A.O., and allowed the Assessee's appeal. Case-Laws Income Tax Tue, 02 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404140