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TMI Blog2025 (3) TMI 709X X X X Extracts X X X X X X X X Extracts X X X X ..... was the sole owner of the property for all practical purposes and assessee's name appears to have been added only out of natural love and affection. Therefore, assessee is not a beneficial owner of the said property. Accordingly, the addition under section 54 of the Act made in the hands of the assessee is deleted - Appeal by the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... ry notices issued during the re-assessment proceedings, the assessee submitted that the immovable property was originally purchased on 23.06.2004 by his brother, Shri Babulal Nihalchand Jain and the name of the assessee and his father was added to the property as joint owners out of natural love and affection. During the year under consideration, the property was sold on 19.09.2014 for a total consideration of Rs. 54 Lakh, which was entirely credited to the bank account of the assessee's brother. Thus, the assessee submitted that even though the property was purchased in the joint name, but the actual possession and the 100% right of the property belonged to his brother, as the whole consideration was paid by him at the time of purchase of the said property. In support of the aforesaid submission, the assessee also furnished the original purchase deed, bank statement of his brother highlighting the receipt of consideration in his account, Form 26AS stating that the TDS on the property has been fully deducted on the PAN of his brother, sale agreement, and the ITR along with computation for the year under consideration of his brother. 6. The Assessing Officer ("AO") vide order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property as joint owners. Even though the property was purchased in the joint name but the actual possession and 100% rights of the said property belongs to Shri Babulal Nihalchnad Jain as the whole consideration was being paid by him. Since the whole consideration was paid by the assessee's brother (Shri Babulal Jain) the assessee Shri Vinod Nihalchand Jain was not the beneficial owner of the said immovable property. Further, no deduction on account on indexed cost of acquisition and the improvement of the said property as the details of any evidence on the expenditure incurred has not been provided which is incorrect, wherein the details of purchase cost, stamp duty, registration expenses paid (indexed cost of acquisition of Rs. 28,05,909/- in computation sheet of assessee's brother. 4.3.1 I have gone through the grounds of appeal submissions of the appellant and the assessment order. Shri Nihalchand Sukhlalji Jain died without leaving any will or testamentary behind him and leaving the joint owners and confirmation parties as his legal heirs. During the F.Y. 2014-15 the impugned immovable property was sold by Shri Babulal Nihalchand Jain, brother of the assessee for S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance on the statement of bank account of proprietary concern of assessee's brother, which forms part of the paper book from pages 5-48. The learned AR further submitted that in order to purchase the property, the assessee's brother also availed the home loan, which was entirely discharged by the assessee's brother. Thus, it was submitted that even though the property was purchased in the joint name, however, the actual possession and 100% rights of the said property belong to the assessee's brother. In order to support the aforesaid submission, reference was also made during the hearing to the balance-sheet of the assessee's brother as on 31.03.2005, wherein the residential flat was shown as the fixed asset. It was further submitted that after the sale of the said property, during the year under consideration, the amount of sale consideration, i.e. Rs. 54 Lakh, was not only received in the bank account of the assessee, but the assessee's brother also declared the same in its return of income filed for the assessment year 2015-16 and also claimed benefit of exemption under section 54F of the Act by purchasing another house property. The return of income filed by the assessee's broth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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