Section 54 exemption denial on property purchases in Sons name- AO should follow view of jurisdictional HC

Urmila Madhukar Ved Vs ITO (ITAT Pune) This appeal by the assessee emanates from the order passed by the CIT(Appeals)-7, Pune on 11-09-2019 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal is against the denial of exemption u/s.54 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) because of purchasing a new house in the name of the assessee’s son. 3. Succinctly, the facts of the case are that the assessee sold an immovable property for Rs.1.00 crore and invested Rs.5.00 lakh for purchase of units of mutual fund. No return was filed by the ...