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153 orders · Page 4 of 4
The Tribunal directed the AO to assess the income at 8% on the declared sales turnover for the impugned assessment years, considering the discrepancies and the assessee's admissions. The Revenue's appeal regarding Section 54F deduction was dismissed.
The Tribunal held that the assessee can claim deduction for only one property, and it should be the one with the highest investment, as the two properties were independent and purchased at different times.
The Tribunal directed the AO to assess the income at 8% on the declared sales turnover for the impugned assessment years, considering the discrepancies and the assessee's admissions. The Revenue's appeal regarding Section 54F deduction was dismissed.