https://www.taxtmi.com/caselaws?id=409087 The Appellate Tribunal overturned the disallowance of a deduction claimed under section 54 of the Income Tax Act for the A.Y. 2014-15. The Tribunal found the Assessee's transaction genuine, allowing the deduction of the disputed amount of 27 lakhs. The decision underscored the importance of providing concrete evidence to support tax claims and highlighted the necessity of transparency and documentation in substantiating transactions and deductions under the Income Tax Act. en-us Fri, 25 Jun 2021 00:00:00 +0530 Tue, 29 Jun 2021 09:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409087 The Appellate Tribunal overturned the disallowance of a deduction claimed under section 54 of the Income Tax Act for the A.Y. 2014-15. The Tribunal found the Assessee's transaction genuine, allowing the deduction of the disputed amount of 27 lakhs. The decision underscored the importance of providing concrete evidence to support tax claims and highlighted the necessity of transparency and documentation in substantiating transactions and deductions under the Income Tax Act. Case-Laws Income Tax Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409087