https://www.taxtmi.com/caselaws?id=777854 ITAT MUMBAI - AT upheld the CIT(A) and allowed the appeal. The addition under s.68 for consideration credited on sale of shares was deleted: AO improperly disregarded the Letter of Offer and ignored confirmation letter and audited financials filed before CIT(A); assessee discharged initial onus and Revenue failed to controvert documents or make independent inquiry. The 50% disallowance of deduction under s.54F was also deleted: although the new residential property was in joint names, the assessee paid the entire consideration and gave an undertaking, and applying Section 45 of TPA and precedent, full s.54F relief was allowed. en-us Mon, 13 Jan 2025 00:00:00 +0530 Sat, 06 Sep 2025 08:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777854 ITAT MUMBAI - AT upheld the CIT(A) and allowed the appeal. The addition under s.68 for consideration credited on sale of shares was deleted: AO improperly disregarded the Letter of Offer and ignored confirmation letter and audited financials filed before CIT(A); assessee discharged initial onus and Revenue failed to controvert documents or make independent inquiry. The 50% disallowance of deduction under s.54F was also deleted: although the new residential property was in joint names, the assessee paid the entire consideration and gave an undertaking, and applying Section 45 of TPA and precedent, full s.54F relief was allowed. Case-Laws Income Tax Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777854