https://www.taxtmi.com/caselaws?id=776262 Deduction under section 54F was disallowed as the assessee owned more than one residential house at the time of purchasing the new asset, regardless of whether the additional houses were rented or self-occupied. Co-ownership of multiple houses also disqualifies the deduction. The AO's disallowance was upheld. The addition treating sale proceeds of gold bars as unexplained investment was deleted since evidence of purchase was furnished, despite non-response from the jeweller to notices. However, the capital gains from the gold bar sale must be taxed. The AO's limited scrutiny scope, including purchase of property, was affirmed, and the related grounds raised by the assessee were dismissed. The appeal was partly allowed on the unexplained investment issue but otherwise dismissed. en-us Tue, 05 Aug 2025 00:00:00 +0530 Thu, 07 Aug 2025 07:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776262 Deduction under section 54F was disallowed as the assessee owned more than one residential house at the time of purchasing the new asset, regardless of whether the additional houses were rented or self-occupied. Co-ownership of multiple houses also disqualifies the deduction. The AO's disallowance was upheld. The addition treating sale proceeds of gold bars as unexplained investment was deleted since evidence of purchase was furnished, despite non-response from the jeweller to notices. However, the capital gains from the gold bar sale must be taxed. The AO's limited scrutiny scope, including purchase of property, was affirmed, and the related grounds raised by the assessee were dismissed. The appeal was partly allowed on the unexplained investment issue but otherwise dismissed. Case-Laws Income Tax Tue, 05 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776262