TMI Blog2022 (12) TMI 1320X X X X Extracts X X X X X X X X Extracts X X X X ..... property purchased in the name of wife. Therefore, following the ratio laid down in these decisions Laxmi Narayan [ 2017 (11) TMI 1622 - RAJASTHAN HIGH COURT, JAIPUR] , Kamal Wahal [ 2013 (1) TMI 401 - DELHI HIGH COURT] , Natarajan [ 2006 (2) TMI 136 - MADRAS HIGH COURT] and Ravinder Kumar Arora [ 2011 (9) TMI 343 - DELHI HIGH COURT] Thus hold that the assessee is eligible for deduction unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... restricted his submission only on the merits of the addition made. Therefore, the legal grounds raised are deemed to have not been pressed. Accordingly, grounds are dismissed. 3. The facts relating to the issue on merits, briefly are, the assessee is a resident individual. During the year under consideration, the assessee received an amount of Rs.34,45 ,000 towards consideration from sale of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion before learned Commissioner (Appeals). 5. In course of first appellate proceedings, the assessee stated that the sales consideration received, which was added back as other income by the Assessing Officer, instead of capital gain, was actually invested in purchasing of agricultural land, hence, the assessee is eligible to claim deduction under Section 54B of the Act. In support of such cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase of agricultural land in the name of wife would also be eligible for deduction under Section 54B of the Act. In support of such contention, learned counsel for the assessee relied upon the following decisions: 1. Laxmi Narayan vs. CIT, (2018) 402 ITR 0117, High Court of Rajasthan; 2. CIT vs. Kamal Wahal, (2013) 351 ITR 0004, High Court of Delhi; 3. CIT vs. V. Natarajan, (2006) 287 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s purchased in the name of assessee s wife. This, in my view, is unsustainable. In the decisions cited before me, various Hon'ble High Courts including the Hon'ble Delhi High Court have clearly and categorically held that deduction under Section 54B/54F of the Act is available in cases where investments are made in property purchased in the name of wife. Therefore, following the ratio laid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
