https://www.taxtmi.com/caselaws?id=768490 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, allowing a deduction under Section 54 for a property purchased in the spouse's name. The Tribunal accepted the appeal as timely, interpreted Section 54 liberally, and permitted a deduction of Rs. 26,72,000/-, including estimated renovation costs. The decision emphasized a purposive approach to tax provisions, overturning the lower authority's restrictive interpretation. en-us Fri, 04 Apr 2025 00:00:00 +0530 Tue, 08 Apr 2025 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768490 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, allowing a deduction under Section 54 for a property purchased in the spouse's name. The Tribunal accepted the appeal as timely, interpreted Section 54 liberally, and permitted a deduction of Rs. 26,72,000/-, including estimated renovation costs. The decision emphasized a purposive approach to tax provisions, overturning the lower authority's restrictive interpretation. Case-Laws Income Tax Fri, 04 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768490