TMI Blog1979 (10) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, for extra share to be given - it amounts to ' purchase ' of house property by assessee - entitled for relief from capital gains u/s 54(1) - SLP(C) 1557 OF 1979 - - - Dated:- 5-10-1979 - V. R. KRISHNA IYER. and D. A. DESAI. ORDER The order of the court was delivered by KRISHNA IYER J.-- We regard the single point, persuasively presented by the learned Solicitor-General on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ouse, s. 54(1) of the I.T. Act, 1961, would save the respondent from exigibility to tax. So the short question, neatly identified by the learned Solicitor-General, is whether release deeds by sharers in favour of one of them whereby the joint ownership of all became separate ownership of one amount to purchase of house property within the meaning of s. 54(1) of the Act. The High Court has held it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yprian Williams' book, the Contract of Sale of Land, at P.3, he says : ' " Sale ", in the strict and primary sense of the word, means an agreement for the conveyance of property for a price in money; but the word " sale " may be used in law in a wider sense and so applied to the conveyance of land for a price consisting wholly or partly of money's worth other than the conveyance of some other la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose is plain; the symmetry is simple, the language is plain. Why mutilate the meaning by lexical legalism. We see no stress in the section on " cash and carry ". The point pressed must, therefore, be negatived. We have declined to hear Sri S.T.Desai's artillery fire although he was armed cap a pie with Mitakshara lore and law. A point of suffocating scholarship sometimes arrives in court when on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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