Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (2) TMI 73 - HC - Income TaxClaim for exemption under section 54 - capital gains arising out of the sale of plot - reasoning given by the Tribunal to hold that the tin shed was not a house used by the assessee for his residence, is quite justified - It stands admitted that the structure on plot No. D-10 is only a tin shed surrounded only by barbed wire. There is neither any bathroom or kitchen nor is any electricity provided in the said shed - we do not find any infirmity in the finding of the Tribunal that the tin shed on plot No. D-10, even if considered a house, was not occupied by the assessee or a parent of his for their residence in the two years immediately preceding the date of transfer. - Thus, the assessee is not entitled to exemption under section 54 of the Act on this ground alone
|