https://www.taxtmi.com/caselaws?id=758038 ITAT Surat allowed deduction u/s 54F for LTCG investment in residential property despite the constructed house being in the assessee's husband's name rather than the assessee's name. The tribunal held that Section 54F should be interpreted liberally as a beneficial provision, and "ownership" has a wide connotation that includes possession and dominion over property even without formal registration. The court emphasized purposive construction over literal interpretation, ruling that the word "assessee" should include legal heirs and that deduction should not be denied on hyper-technical grounds. The AO was directed to allow the claimed deduction. en-us Fri, 30 Aug 2024 00:00:00 +0530 Thu, 05 Sep 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758038 ITAT Surat allowed deduction u/s 54F for LTCG investment in residential property despite the constructed house being in the assessee's husband's name rather than the assessee's name. The tribunal held that Section 54F should be interpreted liberally as a beneficial provision, and "ownership" has a wide connotation that includes possession and dominion over property even without formal registration. The court emphasized purposive construction over literal interpretation, ruling that the word "assessee" should include legal heirs and that deduction should not be denied on hyper-technical grounds. The AO was directed to allow the claimed deduction. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758038