Section 54 deduction allowable on Cash Transaction of Residential Property Sale & Purchase

Ashwinbhai Babubhai Dudhat Vs Interim Board For Settlement (IBS)-1 & Anr. (Gujarat High Court)

Conclusion: Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments in residential properties were duly recognized for tax exemptions.

Held: During search proceedings, various incriminating materials and documents were seized, leading to an assessment under Section 153A. Subsequently, Dudhat filed an application before the Settlement Commission, disclosing undisclosed inc

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