https://www.taxtmi.com/caselaws?id=410553 The case involved a dispute over the disallowance of an assessee's claim for revaluation and loss in the sale of government bonds under Section 80HHB of the Income Tax Act. The Income Tax Appellate Tribunal initially allowed the claim, but the Revenue appealed, arguing that the quantification of the deduction by the CIT (Appeals) was incorrect. The Court sided with the Revenue, stating that the deduction quantification order was accurate and should not have been overturned. Ultimately, the Court ruled in favor of the Revenue, upholding their appeal and denying the assessee's claim for the deduction under Section 80HHB. en-us Wed, 07 Jul 2021 00:00:00 +0530 Fri, 24 Dec 2021 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410553 The case involved a dispute over the disallowance of an assessee's claim for revaluation and loss in the sale of government bonds under Section 80HHB of the Income Tax Act. The Income Tax Appellate Tribunal initially allowed the claim, but the Revenue appealed, arguing that the quantification of the deduction by the CIT (Appeals) was incorrect. The Court sided with the Revenue, stating that the deduction quantification order was accurate and should not have been overturned. Ultimately, the Court ruled in favor of the Revenue, upholding their appeal and denying the assessee's claim for the deduction under Section 80HHB. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410553