{"id":49935,"date":"2025-01-16T13:52:06","date_gmt":"2025-01-16T08:22:06","guid":{"rendered":"https:\/\/itatonline.org\/digest\/acit-v-jay-bharat-mehta-mum-trib-www-itatonline-org\/"},"modified":"2025-01-16T13:52:06","modified_gmt":"2025-01-16T08:22:06","slug":"acit-v-jay-bharat-mehta-mum-trib-www-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-jay-bharat-mehta-mum-trib-www-itatonline-org\/","title":{"rendered":"ACIT v. Jay Bharat Mehta ( Mum)( Trib) www.itatonline.org ."},"content":{"rendered":"<p>The assessee claimed deduction under section 54F in respect of purchase of house property . The AO disallowed the full deduction under Section 54F, restricting it to 50%, asserting joint ownership of the purchased property. On appeal the\u00a0 \u00a0CIT(A), reversed the AO&#8217;s findings, citing sufficient documentation and approvals and relying on CIT v. . Ravindra Kumar Arora [2011] \u00a0203 Taxman 289 \/[2012] 342 ITR 38\/ 252 CTR 392 (Delhi)( HC) \u00a0. On appeal by the Revenue , the Tribunal held that \u00a0entire purchase consideration for the property was paid by the assessee. The wife&#8217;s inclusion in the property title was deemed nominal and for convenience. Order of CIT(A) is affirmed \u00a0Relied on CIT v. . Ravinder Kumar Arora (2012) \u00a0342 ITR 38 \/203 Taxman 289 ( \u00a0( Delhi)( HC)\u00a0 CIT v. Kamal Wahal\u00a0 (2013 ) \u00a030 Taxman.com 34 \/ 214 Taxman 287 (2013] 351 ITR 4 \u00a0( Delhi)( HC) , \u00a0Shri Bhatkal Ramanrao Prakash\u00a0 v. ITO \u00a0( 2019\u00a0 175 ITD 144 (Bang )( Trib) , \u00a0\u00a0Jitendra V. Faria v .ITO (2017) \u00a081 Taxman.com 16 \/164 ITD 443 (Mum)( Trib ) \u00a0(ITA No.1085 \/Mum\/2024 dt .13-1 -2025 )(AY. 2021 -22 ) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.54F : Capital gains- Investment in a residential house -Joint property purchase with wife \u2013Joint transfer for consideration- s The wife&#8217;s inclusion in the property title was deemed nominal and for convenience- Denial of exemption is not valid .[ S. 45, Transfer of Property Act, 1882, S.45  ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-49935","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cZp","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=49935"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49935\/revisions"}],"predecessor-version":[{"id":49936,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49935\/revisions\/49936"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}