https://www.taxtmi.com/caselaws?id=763583 The ITAT Delhi allowed the assessee's appeal regarding deductions under sections 54F and 54B. For section 54F, the tribunal accepted evidence of house construction worth Rs. 1,25,20,000 on ancestral land between January 2013 to July 2015, noting the assessee had sufficient funds from agricultural land sale of Rs. 4,31,25,000. For section 54B, deduction was allowed for agricultural land purchase of Rs. 3,08,33,650, despite being bought in wife's name for stamp duty savings. The tribunal also deleted the addition of Rs. 40,00,000 as unexplained cash credit, accepting the brother's affidavit and cash flow statement as adequate explanation for the unsecured loan transaction. en-us Wed, 18 Dec 2024 00:00:00 +0530 Mon, 23 Dec 2024 08:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763583 The ITAT Delhi allowed the assessee's appeal regarding deductions under sections 54F and 54B. For section 54F, the tribunal accepted evidence of house construction worth Rs. 1,25,20,000 on ancestral land between January 2013 to July 2015, noting the assessee had sufficient funds from agricultural land sale of Rs. 4,31,25,000. For section 54B, deduction was allowed for agricultural land purchase of Rs. 3,08,33,650, despite being bought in wife's name for stamp duty savings. The tribunal also deleted the addition of Rs. 40,00,000 as unexplained cash credit, accepting the brother's affidavit and cash flow statement as adequate explanation for the unsecured loan transaction. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763583