Gift of property to wife not colourable device to taint claim of exemption u/s. 54F

Advertisement Satya Prasan Rajguru Vs DCIT (ITAT Delhi) ITAT Delhi held that gift of a property to wife specially when she is a co-sharer in the property cannot be considered to be a colourable device and camouflage transaction to taint claim of Section 54F of the Income Tax Act. Accordingly, deduction u/s. 54F erroneously disallowed. Facts- The assessee has filed return of income on 31.12.2021 which was subsequently revised on 31.03.2022 declaring total income of Rs.194,39,080/- and claimed deduction u/s 54F of the Act to the tune of Rs.9,65,05,033/-. Statutory notices were issued and AO e...