https://www.taxtmi.com/caselaws?id=459086 ITAT Chennai held that spouses jointly purchasing residential properties are eligible for section 54F exemption despite the proviso excluding those who purchase "any residential house" within one year. The tribunal distinguished between full ownership and partial interest, ruling that including spouse's name out of affection doesn't disqualify exemption claims. However, the tribunal upheld additions for unexplained tree sale income of Rs.34.85 lakhs due to lack of documentary evidence, and confirmed Rs.67,645 addition based on sworn statement under section 131, rejecting subsequent retraction without persuasive reasons. en-us Fri, 20 Jun 2014 00:00:00 +0530 Wed, 18 Dec 2024 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459086 ITAT Chennai held that spouses jointly purchasing residential properties are eligible for section 54F exemption despite the proviso excluding those who purchase "any residential house" within one year. The tribunal distinguished between full ownership and partial interest, ruling that including spouse's name out of affection doesn't disqualify exemption claims. However, the tribunal upheld additions for unexplained tree sale income of Rs.34.85 lakhs due to lack of documentary evidence, and confirmed Rs.67,645 addition based on sworn statement under section 131, rejecting subsequent retraction without persuasive reasons. Case-Laws Income Tax Fri, 20 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459086