ITAT Chennai Upholds Section 54F Deduction for Property Purchase in Wife’s Name

Velayutham Surya Narayanan Vs ITO (ITAT Chennai) In the case of Velayutham Surya Narayanan Vs ITO (ITAT Chennai) for Assessment Year 2016-17, the issue revolved around the denial of deduction under Section 54F of the Income Tax Act. The assessee had reinvested proceeds from the sale of property in a residential property purchased in his wife’s name. The Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) (CIT(A)) denied the deduction, arguing that the investment wasn’t made directly by the assessee and did not meet statutory requirements. The Tribunal considered arg...