Section 54F Exemption Fully Allowed as Son Listed as Proforma Purchaser: ITAT Pune

Sambhaji Maruti Katkar Vs ITO (ITAT Pune) ITAT Pune held that exemption under section 54F of the Income Tax Act entirely allowed as entire amount re-invested by the assessee and name of the son taken only as a proforma purchaser. Facts- The appellant objects to restricting the deduction to 50% of the Purchase cost of New Property, by the AO on the reasoning that he is not the absolute owner of the Property as the property was jointly registered in his name as well as in the name of his son Sh Rakesh Katkar. The appellant claims that the appellant is a senior citizen and due to his age he had p...