Case Law Details
Ashok G. Chauhan Vs Asst. CIT (ITAT Mumbai)
In the present case, admittedly the flat at Goa was not fully and wholly owned by the assessee as the same was initially owned co-jointly in the name of assessee and his wife. Admittedly, it is nobody’s case that wife was benami of the assessee. Therefore, the said house was jointly owned by assessee and his wife. However, by virtue of gift deed dated 15.04.04, which is at page no. 37 to 60 of the paper book, the share of the assessee has already been transferred in the name of his daughter. Thus even if, as per the provision of section 27(1) of the Act, the assessee is considered to be a deemed owner of the Goa flat, but even then, assessee would still being a co-owner cannot be termed that Goa flat is fully and wholly owned by him, thus cannot be denied exemption.
Therefore, in such circumstances, assessee could not be treated as ‘absolute owner’ of the residential flat situated at Goa and the exemption u/s 54F of the Act cannot be denied to the assessee.
FULL TEXT OF THE ITAT JUDGMENT
The Present Appeal has been filed by the assessee against the order of Commissioner of Income Tax (Appeals)-32, Mumbai dated 20.01.16 for AY 2010-11 on the grounds of appeal mentioned herein below.
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