Case Law Details
Case Name : Bhaskari Madhavan Vs ITO (ITAT Chennai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Chennai
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Bhaskari Madhavan Vs ITO (ITAT Chennai)
As per provisions of section 54 of the Income Tax Act, 1961, the assessee can claim benefit of deduction, in case, sale consideration received from transfer of original asset was invested in purchase of another residential house property. As per plain reading of section 54 of the Act, it is very clear that investment should be made in the name of the assessee to get benefit of deduction. However, various courts, including the Hon’ble Madras High Court in the case of CIT vs. V.Natarajan (supra) had taken a lenien
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