Hariprasad Vedasubramanian vs Income Tax Officer
Case No: ITA No.6499/Mum/2025
Court: Income Tax Appellate Tribunal Mumbai Bench 'E', Mumbai
Date: 1/30/2026
Parties Involved
appellantHariprasad Vedasubramanian
respondentIncome Tax Officer
Facts Summary
The assessee, Hariprasad Vedasubramanian, filed his income tax return for the assessment year 2019-20 declaring a total income of Rs.93,87,900/-. The return was selected for reopening, and a notice under section 148A was issued. During the assessment year, the assessee sold a jointly owned property with his wife for Rs.2,64,00,000/-. He claimed exemption of capital gain under section 54EC and deduction under section 80G/80GGC. The Assessing Officer (AO) passed an ex parte order adding Rs.49,95,4…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the capital gains from the sale of jointly owned property should be apportioned between the co-owners?
- 2. Whether the assessee is entitled to exemption under section 54EC for investment in REC bonds?
1 more legal issue analysed in this judgement.
Precedents Relied Upon
2 precedents cited in this judgement.