TMI Blog2011 (9) TMI 161X X X X Extracts X X X X X X X X Extracts X X X X ..... ee and no consideration has flown from her husband, merely because either in the sale deed or in the bond her husband's name is also mentioned, in law he would not have any right. - the assessee cannot be denied the benefit of deduction - Decided in favor of assessee. - IT Appeal No. 169 of 2011 - - - Dated:- 26-9-2011 - N. Kumar and Ravi Malimath, JJ. K.V. Aravind and M.V. Seshachala for the Appellant. JUDGMENT N. Kumar, J. This appeal is by the revenue challenging the order passed by the Tribunal which has held that the assessee is entitled to exemption u/s 54 as well as u/s 54EC of the Act. 2. The assessee is a non-resident individual. She filed her return of income on 31.07.2007 for the year 2007-08 declaring taxa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the Commissioner of Income-tax (Appeals), who confirmed the order of the assessing authority. Aggrieved by the same, the assessee preferred an appeal to the Tribunal. 3. The Tribunal after taking note of section 45 of the Transfer of Property Act and the judgment of the Hon'ble High Court of Madras in the case of CIT v. V. Natarajan [2006] 287 ITR 271/154 Taxman 399 and also the judgment of the Hon'ble Punjab and Haryana High Courts in the case of CIT v. Gurnam Singh [2010] 327 ITR 278/170 Taxman 160 came to the conclusion that neither section 54 nor section 54EC of the Act mandates that the purchase of the property or investment in bonds should be exclusively in the name of the assessee. Though the name of the assessee's husband in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by her. 6. Section 45 of the Transfer of Property Act throws some light in this regard which reads under: "45. Where immovable property is transferred for consideration to two or more persons, and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property identical, as nearly as may be, with the interests to which they were respectively entitled in the fund; and, where such consideration is paid out of separate funds belonging to them respectively, they are, in the absence of a contract to the contrary, respectively entitled to interests in such property in proportion to the shares of the consideration which they resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. Therefore, to attract section 54 and section 54EC of the Act, what is material is the investment of the sale consideration in acquiring the residential premises or constructing a residential premises or investing the amounts in bonds set out in section 54EC. Once the sale consideration is invested in any of these manner the assessee would be entitled to the benefit conferred under this provisions. In the absence of an express provision contained in these sections that the investment should be in the name of the assessee only any such interpretation were to be placed, it amounts to Court introducing the said word in the provision which is not there. It amounts Court legislating when the Parliament has deliberately not used those ..... X X X X Extracts X X X X X X X X Extracts X X X X
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