https://www.taxtmi.com/caselaws?id=395228 The Tribunal allowed the appeal, holding that the assessee is entitled to the full deduction under section 54 of the Income Tax Act. The decision was based on established legal principles and evidence presented, emphasizing that as long as the entire consideration originates from the assessee, the deduction should not be denied even if the property is purchased in joint names. The order restricting the deduction was set aside, and the AO was directed to allow the deduction as claimed by the assessee. The judgment reaffirmed the importance of considering the source of funds and beneficial ownership in determining eligibility for deductions under the Act. en-us Fri, 08 May 2020 00:00:00 +0530 Tue, 12 May 2020 13:27:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395228 The Tribunal allowed the appeal, holding that the assessee is entitled to the full deduction under section 54 of the Income Tax Act. The decision was based on established legal principles and evidence presented, emphasizing that as long as the entire consideration originates from the assessee, the deduction should not be denied even if the property is purchased in joint names. The order restricting the deduction was set aside, and the AO was directed to allow the deduction as claimed by the assessee. The judgment reaffirmed the importance of considering the source of funds and beneficial ownership in determining eligibility for deductions under the Act. Case-Laws Income Tax Fri, 08 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395228