Section 54F Exemption Allowed Despite Wife’s Name on Property Title; ITAT Deletes Addition of ₹168.55 crore unexplained cash credit

ACIT Vs Jay Bharat Mehta (ITAT Mumbai) Section 54F Exemption Allowed Despite Wife’s Name on Property Title In this case, the Assessee claimed a deduction of INR 11,90,58,405/- under Section 54F of the Income Tax Act, 1961, for a residential property purchased in the joint names of the Assessee and his wife during the relevant assessment year. The Assessee submitted that the entire purchase consideration of INR 10 Crore was paid from his bank account, after adhering to the provisions of Section 194IA of the Act, which requires tax deduction at source on the payment for the purchase of immovab...