https://www.taxtmi.com/caselaws?id=418805 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to disallow the Section 54F deduction claim due to lack of evidence supporting reinvestment of net consideration in a new residential house. The Tribunal found that the assessee failed to prove the acquisition of a new property or the expenditure on property development, and belated filing of income tax returns raised suspicions about the authenticity of the transactions. Consequently, the appeal was dismissed, emphasizing the importance of providing credible evidence to support tax deduction claims. en-us Tue, 15 Feb 2022 00:00:00 +0530 Thu, 24 Feb 2022 11:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418805 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) to disallow the Section 54F deduction claim due to lack of evidence supporting reinvestment of net consideration in a new residential house. The Tribunal found that the assessee failed to prove the acquisition of a new property or the expenditure on property development, and belated filing of income tax returns raised suspicions about the authenticity of the transactions. Consequently, the appeal was dismissed, emphasizing the importance of providing credible evidence to support tax deduction claims. Case-Laws Income Tax Tue, 15 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418805