Case Law Details
Ashok Kumr Vs ITO (ITAT Delhi)
The short issue arising for consideration before me is whether the assessee is eligible to claim deduction under Section 54B of the Act. The factual aspect relating to this issue remains undisputed. Therefore, there is no need to deliberate further on facts. The only reason for which learned Commissioner (Appeals) has denied assessee’s claim of deduction under Section 54B of the Act is because the agricultural land in which the capital gain was invested was purchased in the name of assessee’s wife. This, in my view, is unsustainable. In the decisions cited before me, various Hon’ble High Courts including the Hon’ble Delhi High Court have clearly and categorically held that deduction under Section 54B/54F of the Act is available in cases where investments are made in property purchased in the name of wife. Therefore, following the ratio laid down in these decisions, I hold that the assessee is eligible for deduction under Section 54B of the Act. Accordingly, I direct the Assessing Officer to allow deduction under Section 54B of the Act.
FULL TEXT OF THE ORDER OF ITAT DELHI
This is an appeal by the assessee against order dated 31.08.2018 of learned Commissioner of Income-Tax (Appeals), Ghaziabad for the assessment year 2009-10.
2. Though, the assessee has raised grounds, both challenging the legality of proceedings initiated under Section 147 of the Act as well as on the merits of the addition made of Rs.3,55,602, however, at the time of hearing, learned counsel appearing for the assessee restricted his submission only on the merits of the addition made. Therefore, the legal grounds raised are deemed to have not been pressed. Accordingly, grounds are dismissed.
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