Case Law: Mahadev Balai vs. ITO (Rajasthan High Court)

S. 54B Exemption: The fact that the investment and document is registered is made in the name of the spouse (wife) is not a ground for disallowing exemption from capital gains u/s 54B if the funds utilized for the investment belong to the assessee. Contra view in Kalya 251 CTR 174 (Raj) not followed

It is true that the contentions which have been raised by the department is that the investment is made by the assessee in his own name but the legislature while using language has not used specific language with precision and the second reason is that view has also been taken by the Delhi High Court that it can be in the name of wife. In that view of the matter, the contention raised by the assessee is required to be accepted with regard to Section 54B regarding investment

Mahadev Balai vs. ITO (Rajasthan High Court)

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