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Section 54 deduction allowable on Cash Transaction of Residential Property Sale & Purchase
Case Law Details
- Case Name
- Ashwinbhai Babubhai Dudhat Vs Interim Board For Settlement (IBS)-1 & Anr. (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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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 income from real estate transactions and unaccounted inv...
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