Section 54 Exemption Allowed Despite Property Purchased in Spouse’s Name

Hanchipura Channaiah Nandakishore Vs ITO (ITAT Bangalore)

The assessee appealed before the Income Tax Appellate Tribunal, Bangalore, against the reassessment order passed under section 147 read with section 144 of the Income Tax Act for the assessment year 2018-19. The reopening was conducted after issuing notice under section 148, and although the assessee did not file a return in response, a computation of income was furnished during assessment. The computation declared income from house property of ₹59,535, bank interest of ₹60,557, NIL capital gains after indexation and ded

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