https://www.taxtmi.com/caselaws?id=768801 ITAT Mumbai dismissed revenue's appeal in three matters. Regarding LTCG deduction u/s 54F, tribunal upheld CIT(A)'s finding that assessee owned only one residential house on share transfer date, rejecting AO's claim of multiple properties. For addition u/s 68 on share sale proceeds, tribunal confirmed CIT(A)'s deletion as Rs. 6.90 crores represented sale of gifted shares supported by gift deed, not unexplained cash credit. For unsecured loans addition u/s 68, tribunal affirmed CIT(A)'s deletion as amounts were loan repayments and school fees already taxed, not fresh cash credits requiring assessment. en-us Thu, 24 Oct 2024 00:00:00 +0530 Mon, 14 Apr 2025 08:36:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768801 ITAT Mumbai dismissed revenue's appeal in three matters. Regarding LTCG deduction u/s 54F, tribunal upheld CIT(A)'s finding that assessee owned only one residential house on share transfer date, rejecting AO's claim of multiple properties. For addition u/s 68 on share sale proceeds, tribunal confirmed CIT(A)'s deletion as Rs. 6.90 crores represented sale of gifted shares supported by gift deed, not unexplained cash credit. For unsecured loans addition u/s 68, tribunal affirmed CIT(A)'s deletion as amounts were loan repayments and school fees already taxed, not fresh cash credits requiring assessment. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768801