https://www.taxtmi.com/caselaws?id=314338 The Tribunal upheld the decision of the ld. CIT(A) disallowing the assessee's claim for deduction under Section 54B of the Income Tax Act for properties purchased in the name of the assessee's wife. The Tribunal emphasized the requirement for property ownership to be in the assessee's name to qualify for such deductions. Consequently, the appeal was dismissed, aligning with precedents set by higher courts, including the Hon'ble Supreme Court and the Hon'ble High Courts of Karnataka and Punjab & Haryana, which underscored strict interpretation in favor of revenue in cases of statutory ambiguity. en-us Wed, 06 Jul 2022 00:00:00 +0530 Sat, 01 Jun 2024 15:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314338 The Tribunal upheld the decision of the ld. CIT(A) disallowing the assessee's claim for deduction under Section 54B of the Income Tax Act for properties purchased in the name of the assessee's wife. The Tribunal emphasized the requirement for property ownership to be in the assessee's name to qualify for such deductions. Consequently, the appeal was dismissed, aligning with precedents set by higher courts, including the Hon'ble Supreme Court and the Hon'ble High Courts of Karnataka and Punjab & Haryana, which underscored strict interpretation in favor of revenue in cases of statutory ambiguity. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314338