Section 54/54F Deductions Denied on Joint Ownership in Capital Gains Case

CIT Vs M. J. Siwani (Karnataka High Court) The Karnataka High Court considered four appeals under Section 260-A of the Income Tax Act, arising from the common order dated 31st August 2006 of the Income Tax Appellate Tribunal, Bangalore, in connection with block assessments under Chapter XIV-B of the Act for the period 1st April 1991 to 29th May 2001. The assessees, M.J. Siwani and H.J. Siwani, partners of M/s. H.M. Constructions engaged in real estate and development, had taxable income from interest on capital, salary from the firm, rental income, and other sources. A search under Section 132...