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ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming deduction for jointly purchased property. The key determination focused on proportional investment and preventing double taxation. The tribunal directed the Assessing Officer to verify no duplicate deduction was claimed and allow Section 54 deduction corresponding to the assessee's actual investment in the new residential property. Regarding deemed rental income, the tribunal remanded the matter to the AO to determine the Annual Letting Value based on municipal rentable value, proportionate to the assessee's property share, due to insufficient documentary evidence of business usage.
ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming deduction for jointly purchased property. The key determination focused on proportional investment and preventing double taxation. The tribunal directed the Assessing Officer to verify no duplicate deduction was claimed and allow Section 54 deduction corresponding to the assessee's actual investment in the new residential property. Regarding deemed rental income, the tribunal remanded the matter to the AO to determine the Annual Letting Value based on municipal rentable value, proportionate to the assessee's property share, due to insufficient documentary evidence of business usage.
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