https://www.taxtmi.com/caselaws?id=756714 ITAT Chennai held that assessee was entitled to full deduction u/s 54F despite new house investment being made in wife's name. The Tribunal ruled that Section 54F does not require utilization of same sale proceeds for new investment, as purchase could occur before transfer when proceeds are unavailable. Court emphasized beneficial provisions should receive liberal construction. Evidence showed assessee paid Rs. 20 lacs from his account for construction and registration fees, establishing commonality of interest between spouses. Following precedents from Madras HC and Delhi HC, full deduction was allowed rather than restricting to 50% as done by AO. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 07 Aug 2024 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756714 ITAT Chennai held that assessee was entitled to full deduction u/s 54F despite new house investment being made in wife's name. The Tribunal ruled that Section 54F does not require utilization of same sale proceeds for new investment, as purchase could occur before transfer when proceeds are unavailable. Court emphasized beneficial provisions should receive liberal construction. Evidence showed assessee paid Rs. 20 lacs from his account for construction and registration fees, establishing commonality of interest between spouses. Following precedents from Madras HC and Delhi HC, full deduction was allowed rather than restricting to 50% as done by AO. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756714