Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The ITAT held that the assessee's claim for deduction u/s 54F of the Act should have been granted, even though the residential property was purchased in the name of the assessee's wife who is assessed to tax separately. The Tribunal relied on judicial precedents which established that for Section 54F purposes, the new residential house need not be purchased by the assessee in their own name. Since the assessee purchased the property in their wife's name using sale proceeds without any contribution from her, and she is not an unconnected party, the deduction was allowed. The decision was rendered in favor of the assessee.
The ITAT held that the assessee's claim for deduction u/s 54F of the Act should have been granted, even though the residential property was purchased in the name of the assessee's wife who is assessed to tax separately. The Tribunal relied on judicial precedents which established that for Section 54F purposes, the new residential house need not be purchased by the assessee in their own name. Since the assessee purchased the property in their wife's name using sale proceeds without any contribution from her, and she is not an unconnected party, the deduction was allowed. The decision was rendered in favor of the assessee.
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