https://www.taxtmi.com/caselaws?id=762487 The Tribunal ruled in favor of the assessee on both contested issues. Firstly, it deleted the addition under section 50C of the Income Tax Act, as the variance between the sale consideration and stamp duty value was only 2.7%, deemed negligible and not indicative of tax evasion. Secondly, the Tribunal allowed the deduction under section 54F for the purchase of two flats, accepting the assessee's claim that the flats constituted a single unit based on architectural plans and substantial investment within the prescribed period. Consequently, the Tribunal overturned the lower authorities' decisions, granting relief to the assessee. en-us Fri, 29 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:55:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762487 The Tribunal ruled in favor of the assessee on both contested issues. Firstly, it deleted the addition under section 50C of the Income Tax Act, as the variance between the sale consideration and stamp duty value was only 2.7%, deemed negligible and not indicative of tax evasion. Secondly, the Tribunal allowed the deduction under section 54F for the purchase of two flats, accepting the assessee's claim that the flats constituted a single unit based on architectural plans and substantial investment within the prescribed period. Consequently, the Tribunal overturned the lower authorities' decisions, granting relief to the assessee. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762487