9911796707
TMI Blog2006 (9) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... Kadur in the name of his wife. Appellant deposited a sum of ₹ 1,50,000/- in the State bank of Mysore in Re-investment Deposit Account. Appellant computed the income from the long term capital gains at ₹ 62,770/- arising out sale of the site and claimed exemption from capital giants under Section 54F of the Income Tax Act, 1961 (for short, the Act ). Return was filed. Assessing Officer disallowed the claim of exemption and determined the income at ₹ 86,690/-. 3. Respondent took up the appellant s case for scrutiny under Section 143(3) of the Act. Exemption from capital gain under section 54f of the Act was disallowed. An order was passed in this regard on 24.3.1995. an unsuccessful appeal was filed before the Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after, a second appeal was filed before the Tribunal. Tribunal in the impugned order would hold that no documentary evidence was produced at any stage by the assessee with regard to the proof of purchase and that the market value seems to be based on estimation only. The assessee has also not quoted any instances or documents in support of his claim regarding valuation. Tribunal also notices that a residential house was purchased in the name of wife. Tribunal holds that the ownership of immoveable property can be decided by the title holder irrespective of the tine source of funds invested, and that therefore, the property owned by the assessee s wife cannot be said to be owned by the assessee as the assessee has no legal title or right or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... benamidar. 2. I did not own any other residential building on the date of the purchase of this residential house. I was staying in the rented house at kadur before the date of purchase of the house. 3. That on the date of transfer of the site I,e. 30.03.1992, I did not own any residential house. That except the above said residential house mentioned in para 1 above, I did not purchase within a period of one year after 30.03.1992 or construct within a period of 3 years after 30.03.1992 any residential house. I have complied with the provisions of Section 54F of the Income Tax Act, 1961 Appellant s wife also has filed her affidavit reading as under: 1. I am the wife of the appellant in the above case. That on 30.03.1992 m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the name of the appellant. Now that we have accepted that the appellant is the owner in terms of the affidavits and in terms of the material on record, there is no difficulty in accepting the exemption under Section 54F of the Act. 9. The Supreme Court in COMMISSIONER OF INCOME TAX v PODAR CEMENT PVT. LTD. AND OTHERS, (1997) 226 ITR 625 (SC) has noticed that: .having regard to the ground realities and further having regard to the object of the Income-tax Act, namely, to tax the income , we are of the view, owner is the person who is entitled to receive income from the property in his own right. The Supreme Court again in Mysore Minerals Limited v. Commissioner of Income Tax, (1999) 239 ITR 775 (SC) ruled as under: In our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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