https://www.taxtmi.com/caselaws?id=769439 ITAT Mumbai allowed assessee's appeal regarding Section 54 deduction on jointly purchased property. Court held that joint ownership does not bar Section 54 deduction and beneficial provisions should be interpreted liberally. AO directed to verify no double deduction claimed by assessee and spouse, allowing deduction proportionate to assessee's investment in new property. Regarding Section 23 deemed rental income on office premises, matter remanded to AO to determine Annual Letable Value based on municipal rentable value proportionate to assessee's ownership share, as assessee failed to provide documentary evidence of business use. en-us Thu, 17 Apr 2025 00:00:00 +0530 Fri, 25 Apr 2025 08:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769439 ITAT Mumbai allowed assessee's appeal regarding Section 54 deduction on jointly purchased property. Court held that joint ownership does not bar Section 54 deduction and beneficial provisions should be interpreted liberally. AO directed to verify no double deduction claimed by assessee and spouse, allowing deduction proportionate to assessee's investment in new property. Regarding Section 23 deemed rental income on office premises, matter remanded to AO to determine Annual Letable Value based on municipal rentable value proportionate to assessee's ownership share, as assessee failed to provide documentary evidence of business use. Case-Laws Income Tax Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769439