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No Section 54 Exemption denial for Purchase of new property in the name of son
Case Law Details
- Case Name
- Bhagwan Swroop Pathak Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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Bhagwan Swroop Pathak Vs ITO (ITAT Delhi)
The issue under consideration is whether the exemption u/s 54 can be denied only with the reason that the new property has been purchased in the name of son and not in the name of that assessee.
ITAT have heard both the parties and perused the material available on record. It is pertinent to note that the assessee has demonstrated before the Assessing Officer as well as the CIT(A) that the purchase of property in the name of the son was acquired by the assessee himself through the consideration received from the sale deed of earlier old property. The b...
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