https://www.taxtmi.com/caselaws?id=435754 The Tribunal upheld the disallowance of exemption under Section 54F of the Income Tax Act, 1961, amounting to Rs. 2,63,67,705, finding that the assessee's actions constituted a "colourable device" to evade taxes. The Tribunal determined that the gift deed executed by the assessee was not genuine but a strategy to claim tax benefits, lacking commercial purpose and violating legal provisions. Emphasizing that abusive tax avoidance schemes are impermissible, the Tribunal dismissed the appeal, affirming the orders of the Assessing Officer and CIT(A). en-us Wed, 15 Mar 2023 00:00:00 +0530 Mon, 27 Mar 2023 09:09:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435754 The Tribunal upheld the disallowance of exemption under Section 54F of the Income Tax Act, 1961, amounting to Rs. 2,63,67,705, finding that the assessee's actions constituted a "colourable device" to evade taxes. The Tribunal determined that the gift deed executed by the assessee was not genuine but a strategy to claim tax benefits, lacking commercial purpose and violating legal provisions. Emphasizing that abusive tax avoidance schemes are impermissible, the Tribunal dismissed the appeal, affirming the orders of the Assessing Officer and CIT(A). Case-Laws Income Tax Wed, 15 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435754