2024 (1) TMI 271

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.... "1.1 "That on the facts and in the circumstances of the case and in law, die directional order passed by the Hon'ble Dispute Resolution Panel ('Hon'ble DRP) and the consequential assessment order passed by the Ld. The Assistant Commissioner of Income Tax, Circle Int. Tax 1(1) (2), New Delhi [hereinafter referred to as 'Ld. AO'] is bad and untenable in law. 1.2 That on the facts and in the circumstances of the case and in law, the Ld. AO and Hon'ble DRP has erred in respectively making and upholding an addition of INR 93,46,404 to the total income of the Appellant, denying the rightful deduction claimed under section 54 of the Income-tax Act, 1961 ('the Act'). 1.3 That on the facts and....

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....he Assessee furnished all the details of investment made in the residential house situated in Hyderabad, India, including the HDFC bank statement and the payment receipt issued by the builder, i.e., M/s Jayabheri Properties Private Limited evidencing the investment made by the Assessee. The Assessee also submitted that the deduction should not be restricted merely because the property was not registered in the name of the Assessee. 5. The Assessing Officer disallowed the claim of deduction u/s 54 of the Act amounting to Rs. 93,46,404/- alleging that the residential property is registered in the name of the spouse of the Assessee, i.e., Mr. Ajay Suri, and not in the name of the Assessee. The Assessing Officer also held that the payment wa....

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....ited to the same bank account prior to the new investment and the same proceeds have been utilized for purchase of new property. The Assessee submitted the documentary evidence in form of HDFC bank statement and the payment receipt issued by the builder to substantiate that the investment has actually been made out of the sale proceeds of the Delhi property sold by the Assessee. It is also a matter of fact that as the Assessee was in UAE at the time of registry whereas Mr. Ajay Suri, spouse of the Assessee was in India. The registry of the plot for the new property was completed on 12 January 2021, when strict international travel restrictions were in place due to Covid 19. Therefore, the Assessee could not travel to India and the registry ....

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....m 337 (Hyd. ITAT) - The assessee purchased a flat in the name of her minor daughter and claimed deduction u/s 54F. The exemption was allowed by Hon'ble ITAT. g) Krishnappa Jayaramaiah vs. ITO- [2021] 125 taxmann.com 110 (Bangalore ITAT) - The assessee had invested sale consideration received on transfer of Capital Asset in purchasing a new residential property in name of his married widowed daughter and the exemption was allowed to the assessee. h) Mrs. Kamal Murlidhar Mokashi vs. ITO, Ward-8(3), Pune [2019] 110 taxmann.com 120 (Pune - Trib.) - In order to claim deduction under section 54F, new residential house need not be purchased by assessee in his own name or exclusively in his name. 13. Further, we find that t....