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2010 (1) TMI 287 - HC - Income TaxCapital Gain-Exemption-.-The appellant is an individual assessee and in respect of return of income for the assessment year 1997-98 had claimed certain exemptions under section 54 of the Income-tax Act, 1961 (for short "the Act") on the premise that the profits earned out of sale of the residential property has been reinvested in a like property and therefore sought to reduce the taxable income to the extent of exemption permitted in terms of section 54 of the Act. 2. While the assessing authority refused exemption under section 54 of the Act on a factual verification of the place where the assessee claimed to have had the residential property as the assessing authority found only a mud structure not worthy of the caption "residential house",. Held that- whether there was a structure on both sites or one site or whether there was no structure at all was a finding of fact which the court could not disturb in an appeal u/s 260A.Thus dismiss the appeal.
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