TMI Blog2023 (1) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... h her son. The assessee did not had any source of income to pay Rs. 1,00,00,000/- before she receives the sales proceeds from the old assets, there have been credit entries in the Joint Bank Account, which obviously was the income of assesse s son and the amount of Rs. 1,00,00,000/- has been paid from the income of the son. Since the assessee and her son have jointly invested the house property and are the joint owners of the house property having 50% right, title and interest over the property, the Assessing Officer is, therefore, correct in restricting the claim of the assessee u/s 54 by making an addition to the total income of the assessee. Therefore, we do not find any error or legal infirmity in the orders of the Lower Authorities. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ip ratio, in complete disregard to the law, details and documents on record. c. The CIT(A) has erred to appreciate that appellant returned the advance received for purchase of the property, out of the sale proceed credited in her joint account. d. The Assessing Officer wrongly disallowed the 50% deduction under section 54 of the income tax act, 1961 solely on the ground that the new property in which the amount of capital gain has been invested is in joint name of the assessee and her son since the payments made out of the earnings / contribution of her son Mr. Khalid Naseem. 3. That, on the facts and circumstances of the case the Commissioner of Income (Appeals) erred in upholding the order of the assessing officer and co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/2016, the assessee has preferred an appeal before the CIT(A). The Ld.CIT(A) vide order dated 29/01/2019 upheld the addition made by the Ld. A.O. and confirmed the assessment order. 5. As against the order dated 29/01/2019 passed by the Ld.CIT(A), the assessee has preferred the present appeal on the grounds mentioned above. 6. None appeared for the assessee. The registry has issued several notices and the notice issued on 07/09/2022 returned with an endorsement Left the address . Therefore, we are constrained to decide the appeal after hearing the Ld. DR and on verifying the records. 7. We have heard the Ld. DR perused the material available on record and gave our thoughtful consideration. 8. It is seen from the record that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dential house or constructs a residential house within a period of three years from the date of transfer of the old house, he is eligible for exemption u/s 54 of the Act. Thus, it is not specifically required under law that the house should be purchased in the name of the assessee only. 10. It is not in dispute that the property has been acquired jointly by the assessee and her son further the sale proceeds amounting to Rs. 1,00,00,000/- from the old house were received by the assessee on 10/09/2013 whereas the payment were made to JP Greens amounting to Rs. 1,00,00,000/- in two installments on 30/08/2013 and on 07/09/2013. The amount have been paid from the joint account of the assessee along with her son. The assessee did not had any s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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