https://www.taxtmi.com/caselaws?id=416437 The Tribunal ruled in favor of the assessee by deleting the addition of Rs. 38,23,500 under Section 56(2)(vii)(b) due to the Assessing Officer's failure to refer the property for valuation to the Valuation Officer. Additionally, the Tribunal allowed the exemption of Rs. 2,00,23,125 under Section 54F, considering the gifted property and treating multiple purchased properties as a single residential house. The issues regarding indexed cost of acquisition and levy of interest under Sections 234A and 234B were not extensively addressed in the Tribunal's decision. en-us Mon, 29 Nov 2021 00:00:00 +0530 Wed, 29 Dec 2021 08:45:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416437 The Tribunal ruled in favor of the assessee by deleting the addition of Rs. 38,23,500 under Section 56(2)(vii)(b) due to the Assessing Officer's failure to refer the property for valuation to the Valuation Officer. Additionally, the Tribunal allowed the exemption of Rs. 2,00,23,125 under Section 54F, considering the gifted property and treating multiple purchased properties as a single residential house. The issues regarding indexed cost of acquisition and levy of interest under Sections 234A and 234B were not extensively addressed in the Tribunal's decision. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416437