Assessee Ineligible for Deduction under Section 54B in lieu of land purchases in Wife’s name: ITAT

ITAT denied Section 54B deduction for land purchased in the wife's name, strictly interpreting the requirement that the asset must be in the assessee's name. The ruling clarifies that beneficial ownership claims don't satisfy the literal condition for this capital gains exemption. While acknowledging this may cause hardship, the tribunal held that deduction conditions must be strictly complied with, suggesting the law could be amended for family arrangements.