Shri Kalya v. CIT

Kaushlendra Singh, Jaipur vs. ITO Ward-5(3) Jaipur, Jaipur

In the result, the appeal of the assessee is allowed

…the wife of the assessee has separate source of income and separate assessee as recorded by the assessing officer in the assessment order. Further, the ld. CIT(A), NFAC, following the decision of Hon'ble Rajasthan High Court in the case of Shri Kalya Vs CIT (251 CTR 174) has not allowed the exemption claimed by the assessee u/s 54F of the Act at Rs. 6,33,190/- holding /observing that the decision of the Hon'ble jurisdictional Rajasthan High Court above, the contention of the assessee cannot be accepted and the case laws cited by the appellant pertaining to the other Hon'ble High Courts cannot come to the rescue…

Ganesh Chawla, Jaipur vs. ACIT, Jaipur

In the result, the appeal of the assessee is partly allowed

Bench: Or At The Time Of Hearing.” Sh. Genesh Chawla Vs. Acit

…onstructed a residential house in his own name. A similar view has been taken by the Hon’ble jurisdiction High Court in case of Shri Laxmi Narayan vs. CIT (Supra) wherein the Hon’ble High Court after considering the earlier decision in case of kalia Vs. CIT 251 CTR 174 has held that the land purchased in law name of his wife is eligible for deduction u/s 54B of the I.T. Act. 4. On the other hand, ld. DR has submitted that there is no dispute that the assessee was residing at the same property which is fully constructed house since, the last more 20 years. The said constructed house was owned by the mother…

Vivek Jain, Jaipur vs. DCIT, Jaipur

In the result, the appeal of the assessee is allowed

Bench: Us. The Assessee Has Also Purchased A Residential Property On 23.05.2011 For A Purchase Consideration Of Rs. 30,00,000/- In The Name Of His Wife, Smt. Nikita Jain & Claimed Deduction U/S 54F Of The Act & Which Is In Dispute Before Us.

…nd the property has been purchased jointly in the names, it would not make any difference and the conditions stipulated in section 54F stand fulfilled. 8. The ld. CIT(A) however relied on the decision of Hon’ble Rajasthan High Court in case of Kalya vs. CIT (251 CTR 174) wherein in the context of section 54B of the Act, it was held that the assessee would not be entitled to get exemption for land purchase by him in the name of his son and daughter-in-law. Further in the said decision, it was held that the word ‘assessee’ used in the IT Act needs to be given a ‘legal interpretation’ and not a ‘liberal interpretat…