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2017 (1) TMI 667 - AT - Income TaxAllowance of deduction u/s. 54 - property sold was in the sole name of the assessee and the property purchased was in the joint names of the assessee and his wife - Held that:- In respect of the issue of purchase of the new asset (flat No. 3205 & 3206 at Oberoi Springs) in the joint names of the assessee and his wife, we find that the provisions of section 54 of the Act do not prohibit the same or mandate that the purchase of the property should be shown entirely in the assessee’s name. In the case on hand even though the wife is shown as joint owner in the sale deed, the AO has not doubted that the consideration for acquisition of the new asset has flown from the assessee; including the loan taken from Kotak Mahindra Bank. In fact, the property is admittedly reflected in the assessee’s Balance Sheet. In this factual matrix of the case, in our considered view, the assessee cannot be denied exemption under section 54 of the Act. See DIT (IT) vs. Mrs Jennifer Bhide [2011 (9) TMI 161 - KARNATAKA HIGH COURT ] - Decided in favour of assessee.
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