Case Law Details
A. Tamil Ponni Vs ITO (ITAT Chennai)
In the given case, the issue under consideration is if the new property has been invested in the name of assessee’s husband, then in such case whether the exemption under Section 54F can be denied to the assessee or not ?
The assessee in instant case had reinvested in the new property in the name of her husband. We find that there is no dispute with regard to the fact of making reinvestment in new property. The only dispute is that reinvestment in new property has been made by the assessee in the name of her husband instead of in her name. This is a sole reason for denial of exemption under Section 54F of the Act.
The Ld. A.R. has been heavily relied upon the case of C.I.T Vs. V. Natarajan reported in 287 ITR 271 (Mad.). Respectfully following the aforesaid decision, ITAT hold that even though the new property has been invested in the name of assessee’s husband, exemption under Section 54F cannot be denied to the assessee.
FULL TEXT OF THE ITAT JUDGEMENT
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