“Own” in S.54F of Income Tax Act means Absolute Ownership: ITAT Clarifies Jointly-Owned Properties Not a Bar to Exemption

The ITAT has clarified that the term "own" in Section 54F of the Income Tax Act means "absolute ownership" and that "jointly owned properties" are "not a bar to the exemption." The tribunal's decision, which is a significant victory for the taxpayer, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.