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Commissioner of Income Tax, The Assistant Commissioner of Income Tax Versus Shri Gregory Mathias

Deduction under Section 54F - whether the assessee owns more than one residential house other than the new asset on the date of transfer of the original asset? - Held that:- Any stock in trade by profession is excluded from the definition of capital asset and in these circumstances the contention of the Revenue is that stock in trade is also included for applicability of Section 54F of the Act, in our view, cannot be accepted. - We may also add that under the heading of Capital gains, Sectio .....

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And S. N. Satyanarayana, JJ. For the Petitioner : Sri. E. I. Sanmathi For the Repondent : Sri. A. Shankar And Sri. M. Lava JUDGMENT The Revenue has preferred the present appeal by raising the following substantial questions of law : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in allowing the deduction under Section 54F to the assessee whether the assessee owns more than one residential house other than the new asset on the date of transfer of th .....

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he facts and in the circumstances of the case, was the Tribunal justified in allowing the deduction under Section 54F to the assessee when the income Tax Act does not specify the nature of ownership whether held as asset or stock in trade? 2. We have heard Mr.E.I.Sanmathi learned counsel appearing for the appellants-Revenue and Mr.A.Shankar, learned counsel appearing for the respondent-assessee. 3. We may at the outset record that the Assessing Officer initially while considering the aspects as .....

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from house property offered is in respect of stock- in-trade. Hence, the assessee is entitled to deduction U/s.54F. 5.6. The Revenue s position is that exemption U/s.54F is not to be given in case of applicability of any of the conditions contained in proviso (a) or (b) of section 54F. The assessee s own declaration in his Return of Income is an admission of fact that he owned these residential houses at the time of sale of the original asset. The claim of these properties to be as stock in tra .....

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t, on the date of transfer of the original asset; or (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or (iii) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property 5. In the further appeal before the Tribunal, the Tribunal found at paragraph-9 as under: 9. We have given ver .....

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e on record to show that the stock-in-trade of the assessee was treated as residential house owned by the assessee. On the other hand, it is clear from the accounting treatment that all the seven flats were treated as stock-in-trade. The income from these flats is offered to tax under the head income from house property because of the specific provisions of Section 22 of the Act read with Sec.14 of the Act. Such treatment of income by the assessee cannot be treated as an act by which the assesse .....

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