No Section 54/54F Exemption for Investments in Wife & Daughter’s Name: ITAT Mumbai

Hem Chandra R. Gavankar Vs ITO (ITAT Mumbai) Introduction: The recent decision of the Income Tax Appellate Tribunal (ITAT) Mumbai in the case of Hem Chandra R. Gavankar highlights the denial of capital gain exemption for investments made in the names of the assessee’s wife and daughter. The appeal, directed against the order of the Commissioner of Income Tax (Appeals)-33, Mumbai, pertains to the assessment year 2006-07. Detailed Analysis: The dispute centered around the denial of a deduction claimed under Section 54 of the Income Tax Act, 1961. The ITAT Mumbai considered the facts of the...