ITAT Allows Section 54 Capital Gains Deduction as Sale Proceeds Properly Proven

Pushpinder Oberai Vs DCIT (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, in the case of Pushpinder Oberai vs. DCIT, has deleted an addition of lakhs made to the assessee’s income under Section 69 (unexplained investments) and consequentially allowed the deduction claimed under Section 54 of the Income Tax Act, 1961. The Tribunal accepted the fresh documentary evidence which substantiated that the source of the assessee’s investment in a new property was legitimate, arising from the sale of an asset in Noida. ITAT Deletes Lakh Addition, Upholds S. 54 D...