INCOME TAX OFFICER, WARD-6(3), INCOME TAX DEPARTMENT, PUNE vs. KALAWATI VIJAYKUMAR AGARWAL, PUNE

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ITA 979/PUN/2023Status: DisposedITAT Pune13 September 2024AY 2021-22Bench: SHRI R. K. PANDA (Vice President), MS ASTHA CHANDRA (Judicial Member)10 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, stating that the relationship between the buyer and seller is immaterial for Section 54F deduction. It found no infirmity in the CIT(A)'s view that the property acquisition by the husband was an independent transfer and the assessee's purchase met the conditions for the deduction.

What were the facts?

The assessee claimed a deduction under Section 54F for purchasing a residential property from her husband. The Assessing Officer disallowed the claim, viewing the transaction as circular because the husband had acquired the property from his HUF, in which the assessee was also a member.

What were the issues?

Whether the purchase of a residential property from a spouse, who had acquired it from an HUF in which the assessee was a member, disqualifies the assessee from claiming deduction under Section 54F. Whether the transaction was a circular one.

Which sections of the Income-tax Act were involved?

Section 54F,Section 47(i)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Krishna V Gujarathi
For Respondent: Shri Ramnath P Murkunde

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: अपीलार्थी / The Appellant; 1. 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT 4. DR, ITAT, ‘A’ Bench, Pune 5. गार्ड फाईल / Guard file.

आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 11.09.2024 Sr. PS/PS 2 Draft placed before author 12.09.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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