https://www.taxtmi.com/caselaws?id=413695 The Tribunal allowed the appeal, holding that the Principal Commissioner of Income Tax's revisional order under section 263 was unsustainable. It found that the appellant's investment for constructing a new residential property within three years met the requirements of section 54F. The Tribunal emphasized that utilization, not completion, of construction was crucial for claiming deductions. It criticized the PCIT for relying on undisclosed reports, violating principles of natural justice. The decision stressed the importance of relevant documents and judicial precedents in determining the validity of deductions under the Income Tax Act. en-us Thu, 14 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413695 The Tribunal allowed the appeal, holding that the Principal Commissioner of Income Tax's revisional order under section 263 was unsustainable. It found that the appellant's investment for constructing a new residential property within three years met the requirements of section 54F. The Tribunal emphasized that utilization, not completion, of construction was crucial for claiming deductions. It criticized the PCIT for relying on undisclosed reports, violating principles of natural justice. The decision stressed the importance of relevant documents and judicial precedents in determining the validity of deductions under the Income Tax Act. Case-Laws Income Tax Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413695