Section 54F Deduction Allowed as Joint Ownership Not Treated as Full Ownership

ITO Vs Sheriar Phirojsha Irani (ITAT Mumbai)

The Revenue appealed against the order dated 28 March 2024 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for assessment year 2018–19. The dispute concerns the assessee’s eligibility to claim deduction under Section 54F of the Income Tax Act, 1961. The Revenue argued that the assessee owned multiple residential properties and therefore did not qualify for the deduction. It further contended that the CIT(A) failed to consider the Karnataka High Court’s ruling in CIT v. M.J. SiwaniPlease become a Premium member. If you are already a Premium member, login here to access the full content.