https://www.taxtmi.com/caselaws?id=755065 Gujarat HC ruled in favor of the assessee, quashing the Settlement Commission's order denying Section 54 exemption on cash portion of property transactions. The court held that Section 54 does not require disclosure of cash consideration in income tax returns for claiming exemption. The Commission's three grounds for rejection - non-disclosure in returns, exemption not allowed on concealed transactions, and non-deposit in capital gains scheme - were found contrary to Section 54 provisions. The court emphasized that undisclosed cash transactions for property sale and purchase on same dates entitled the petitioner to deduction benefits under Section 54. en-us Fri, 14 Jun 2024 00:00:00 +0530 Thu, 04 Jul 2024 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755065 Gujarat HC ruled in favor of the assessee, quashing the Settlement Commission's order denying Section 54 exemption on cash portion of property transactions. The court held that Section 54 does not require disclosure of cash consideration in income tax returns for claiming exemption. The Commission's three grounds for rejection - non-disclosure in returns, exemption not allowed on concealed transactions, and non-deposit in capital gains scheme - were found contrary to Section 54 provisions. The court emphasized that undisclosed cash transactions for property sale and purchase on same dates entitled the petitioner to deduction benefits under Section 54. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755065