https://www.taxtmi.com/caselaws?id=417822 The Revenue's appeal challenging the deletion of a capital gain addition due to non-explanation of possession of a house was dismissed. The Assessing Officer found that the assessee did not meet the conditions for deduction under section 54F of the Income Tax Act as the new property was not constructed or possessed within the required timeframe. Consequently, the AO disallowed the deduction and added the amount to the assessee's income. The Tribunal ruled the appeal was not maintainable based on the tax effect being below the prescribed limit of Rs. 50 lakhs as per the CBDT Circular, leading to the dismissal of the Revenue's appeal. en-us Mon, 31 Jan 2022 00:00:00 +0530 Wed, 02 Feb 2022 08:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417822 The Revenue's appeal challenging the deletion of a capital gain addition due to non-explanation of possession of a house was dismissed. The Assessing Officer found that the assessee did not meet the conditions for deduction under section 54F of the Income Tax Act as the new property was not constructed or possessed within the required timeframe. Consequently, the AO disallowed the deduction and added the amount to the assessee's income. The Tribunal ruled the appeal was not maintainable based on the tax effect being below the prescribed limit of Rs. 50 lakhs as per the CBDT Circular, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417822