Vivek Gangadhar Mehendale vs Income Tax Officer, Ward 22(3)(1)

Parties Involved

Facts Summary

The assessee, Vivek Gangadhar Mehendale, purchased a flat in 1991-92 and sold it in 2013. He then purchased two new flats in the name of his wife using the sale consideration. The Income Tax Officer rejected the assessee's claim for exemption under section 54F of the Income-tax Act, 1961, as the assessee did not hold any property in his own name. The assessee appealed against this order, arguing that the flats were intended to be used as a single house and that the purchase was eligible for exemption under section 54F. The Tribunal considered the arguments and relevant precedents.…

Legal Issues

• 1. Whether the transaction of the flat related to sale and purchase was done in the wife's name and assessee was not holding any property, so there is a gross violation of provisions of section 54F of the Act?
• 2. Whether the contravention of section 54F relating to investment of capital gain in two flats not in a single flat?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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