2022 (3) TMI 1348

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....es from the order passed by the CIT(Appeals)-7, Pune on 11-09-2019 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal is against the denial of exemption u/s.54 of the Income-tax Act, 1961 (hereinafter also called 'the Act') because of purchasing a new house in the name of the assessee's son. 3. Succinctly, the facts of the case are that the assessee sold an i....

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..... The AO opined that the exemption claimed by the assessee u/s.54F amounting to Rs. 46,59,600/- could not be granted because the new property was purchased by the assessee's son in his own name. The ld. CIT(A) affirmed the order passed by the AO relying on the judgment of Hon'ble jurisdictional High Court in Prakash Vs. ITO (2009) 312 ITR 40 (Bom.), against which the assessee has approached the Tr....

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....a High Court in CIT vs. Gurnam Singh (2010) 327 ITR 278 (P&H) have decided similar issue in favour of the assessee by allowing exemption u/s 54B observing that the assessee having invested sale proceeds of his agricultural land in purchasing another agricultural land, though in a joint name with his son, was eligible for exemption. Identical view in favour of the assessee has been canvassed by cer....

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....f the Revenue. It goes without saying that the decision of a High Court is binding on the all subordinate Courts and authorities or Tribunal under its superintendence throughout the territories in relation to which it exercises jurisdiction within the terms of Article 227 of the Constitution of India. When discordant views are rendered by different High Courts, an inferior authority under one of s....