ITAT Grants Section 54 Deduction for New Residential Property in Wife’s Name

Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai) In the case of Gopalkrishna Pandu Shetty Vs ACIT (ITAT Mumbai), the appellant challenged the denial of deduction under Section 54 of the Income Tax Act for the Assessment Year 2016-17. The dispute arose as the new residential property was registered in the name of the appellant’s wife. The order by the Ld. Commissioner of Income Tax (Appeals) was contested, leading to a detailed analysis by the ITAT Mumbai. The appellant claimed deduction under Section 54 for a payment made towards the purchase of a new residential property. However, since ...