https://www.taxtmi.com/highlights?id=82918 The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3) after considering the details of assets sold and cost of acquisition, allowing the deduction u/s 54F. The assessee furnished investment details and bills/vouchers in response to the notice u/s 142(1). The AO/NFAC, after examining the relevant details, concluded on the allowability of deduction u/s 54F. The Principal Commissioner of Income Tax (PCIT) noted that the assessee furnished investment details of a huge amount, out of which deduction was claimed without specifying the expenses against which Section 54F deduction was claimed. However, it cannot be said that there was n..... en-us Fri, 08 Nov 2024 19:58:06 +0530 Fri, 08 Nov 2024 19:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82918 The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3) after considering the details of assets sold and cost of acquisition, allowing the deduction u/s 54F. The assessee furnished investment details and bills/vouchers in response to the notice u/s 142(1). The AO/NFAC, after examining the relevant details, concluded on the allowability of deduction u/s 54F. The Principal Commissioner of Income Tax (PCIT) noted that the assessee furnished investment details of a huge amount, out of which deduction was claimed without specifying the expenses against which Section 54F deduction was claimed. However, it cannot be said that there was n..... Highlights Income Tax Fri, 08 Nov 2024 19:58:06 +0530 https://www.taxtmi.com/highlights?id=82918