ITO, Ward 6(3), Pune Vs. Kalawati Vijaykumar Agarwal
Parties Involved
Facts Summary
The assessee, Kalawati Vijaykumar Agarwal, filed her return of income declaring a total income of Rs.23,06,480/- for the assessment year 2021-22. The case was selected for scrutiny due to large deductions claimed under sections 54, 54B, 54EC, 54EE, 54F, 54GA, 54GB, etc. The assessee claimed a long-term capital gain of Rs.18,87,563/- by claiming a deduction under section 54F of the Income Tax Act, 1961. The Assessing Officer disallowed the deduction, considering it a circular transaction. The Commissioner (Appeals) allowed the deduction, which the Revenue appealed against.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the assessee is entitled to claim deduction under section 54F of the Income Tax Act, 1961?
- 2. Whether the transaction between the assessee and her husband is a valid transfer for claiming deduction under section 54F?
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
1 precedent cited in this judgement.
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