2022 (5) TMI 365

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....d against the order passed by the CIT (Appeals) -1, Kolhapur on 06-03-2020 in relation to the assessment year 2015-16. 2. There is a delay of 161 days in filing this appeal before the Tribunal. The Hon'ble Supreme Court in Cognizance for Extension of Limitation, In re 438 ITR 296 (SC) read with judgment in Cognizance for Extension of Limitation, In re 432 ITR 206 (SC) dated 08-03-2021 and 421 I....

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....ertain immovable property jointly held with the other two members and received his share. In the return, the assessee claimed exemption u/s.54 of the Act for a sum of Rs.13,21,000/-. On perusal of details, it was observed that the new flat was purchased by the assessee in the name of his wife, Ms. Smita Jaywant Sutar. He, therefore, denied the exemption, which action came to be echoed in the first....

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....he name of son with clear intention to transfer the property to him and the son becomes absolute owner of the property for all the purposes, the assessee cannot claim the benefit of exemption u/s.54B of the Act. 7. It is seen that the Hon'ble Delhi High Court in CIT vs. Shri Kamal Wahal (2013) 351 ITR 4 (Del) and the Hon'ble Punjab & Haryana High Court in CIT vs. Gurnam Singh (2010) 327 ITR 278....

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....rty was not purchased in the name of the assessee who transferred the original property. The Hon'ble High Court did not grant the benefit of exemption u/s 54B to that extent. 9. Ergo, it is overt that the decisions have been rendered at variance by the two sets of the Hon'ble High Courts - one in favour of the assessee and other in favour of the Revenue. It goes without saying that the decision....