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2016 (12) TMI 1865 - AT - Income TaxDeduction u/s 54F - claim denied as genuineness of the transactions not proved - onus to prove - whether the assessee is eligible for exemption under section 54F in view of the fact that the husband of the assessee released the property in favour of the appellant, whether such release is acceptable under the law? - HELD THAT:- The onus lies on the assessee to prove beyond doubt the transaction entered by the assessee and her husband as genuine. The very fact that the transaction is between the wife and husband had raised the eye brows of the AO about the genuineness of the transactions. The transaction is perhaps intended to avoid the tax liability in the hands of the assessee. The release deed executed by her husband is not registered. The onus lies on the assessee to prove that the transaction was a genuine transaction by furnishing the details of actual date of payment of consideration to her husband towards relinquishing his share of right in the property - even after the relinquishment deed, the assessee along with her husband entered jointly into a lease agreement dated 09.01.2008 with Shell Technology India (P) Ltd. This goes to prove that the release deed is not actually intended to be acted upon - appellant is not entitled to any deduction under section 54F as she has failed to prove beyond doubt that the assessee acquired the new house by the sale proceeds of the original assets sold. Since we held that the assessee had not acquired any asset, the other aspects are considered to be irrelevant and does not require any adjudication. - Decided against assessee.
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