https://www.taxtmi.com/caselaws?id=250883 The ITAT Pune allowed the appeal in favor of the assessee, ruling that the denial of exemption under section 54 of the Income Tax Act was unjustified. The court held that the assessee, a non-resident individual, was not the owner of the properties sold but his father was, making him ineligible for the exemption. The ITAT Pune directed the Assessing Officer to delete the addition of long term capital gain in the assessee's hands, emphasizing that taxability should be based on ownership. en-us Thu, 24 Jul 2014 00:00:00 +0530 Thu, 28 Aug 2014 08:31:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250883 The ITAT Pune allowed the appeal in favor of the assessee, ruling that the denial of exemption under section 54 of the Income Tax Act was unjustified. The court held that the assessee, a non-resident individual, was not the owner of the properties sold but his father was, making him ineligible for the exemption. The ITAT Pune directed the Assessing Officer to delete the addition of long term capital gain in the assessee's hands, emphasizing that taxability should be based on ownership. Case-Laws Income Tax Thu, 24 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250883