https://www.taxtmi.com/caselaws?id=397291 The ITAT ruled in favor of the appellant in an appeal against CIT(A)-Jharkhand's order disallowing a section 54F deduction claim. The dispute centered on the reinvestment of long-term capital gain in the name of the appellant's wife. The CIT(A) upheld the disallowance citing ownership requirements under section 54F. The ITAT invoked a Supreme Court judgment to support the appellant's position, emphasizing the importance of legal ownership for claiming deductions. The decision clarified ownership criteria and highlighted the necessity of adhering to statutory provisions for eligibility for tax deductions related to capital gains reinvestment. en-us Fri, 31 Jul 2020 00:00:00 +0530 Tue, 11 Aug 2020 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397291 The ITAT ruled in favor of the appellant in an appeal against CIT(A)-Jharkhand's order disallowing a section 54F deduction claim. The dispute centered on the reinvestment of long-term capital gain in the name of the appellant's wife. The CIT(A) upheld the disallowance citing ownership requirements under section 54F. The ITAT invoked a Supreme Court judgment to support the appellant's position, emphasizing the importance of legal ownership for claiming deductions. The decision clarified ownership criteria and highlighted the necessity of adhering to statutory provisions for eligibility for tax deductions related to capital gains reinvestment. Case-Laws Income Tax Fri, 31 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397291