Taxpayer gets tax relief for building house, buying farm & loan from brother accepted.

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Full Text of the Document

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....Assessee was granted deduction u/s 54F as evidence of construction of residential house worth Rs. 1.25 crore on ancestral land using funds from sale of agricultural land was accepted by ITAT. Benefit u/s 54B for purchase of agricultural land worth Rs. 3.08 crore was also allowed as sale deeds were furnished. Addition of Rs. 40 lakh as unexplained cash credit on account of loan from brother was deleted as affidavit, cash flow statement and sale agreement substantiated the transaction.....