INCOME TAX OFFICER, MUMBAI vs. TUSHAR NATVERLAL DHARIA, MUMBAI

ITA 8142/MUM/2025Status: DisposedITAT Mumbai15 May 2026AY 2021-2215 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to claim exemption under Section 54F based on their contribution to the purchase consideration, even if the property was jointly owned. The Tribunal also allowed the deduction under Section 24(b) based on the assessee's share of liability in the housing loan.

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of additions made by the AO. The AO had disallowed exemption claimed under Section 54F for a new residential property purchased jointly with others, questioning the assessee's exclusive ownership and investment. The AO also disallowed a deduction under Section 24(b) for housing loan interest.

What were the issues?

Whether the assessee is entitled to Section 54F exemption and Section 24(b) deduction for a jointly purchased property, and the extent of their entitlement based on actual contribution.

Which sections of the Income-tax Act were involved?

Section 54F,Section 24(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA, JM & SHRI ARUN KHODPIA, AM

Hearing: 15.05.2026

Per Arun Khodpia, AM: This appeal is preferred by the Revenue, directed against the order of the Commissioner of Income Tax Appeals, NFAC Delhi [in short, “the Ld. CIT(A)”], dated 26-09-2025 for the assessment year 2021-22, resulted from the assessment order under section 143(3) of the Income Tax Act [in short, “the Act”] dated 28-12-2022, passed by Assessment Unit, Income Tax Department [in short, “the Ld.AO”].The grounds of appeal raised by the Revenue are as under:

“1. "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of ₹5,13,75,895/- made by the AO

The order continues below.

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