TMI Blog1991 (12) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Act, 1961, by the Commissioner of Income-tax, Vidarbha Region, Nagpur, for a direction to the Tribunal to state the case and to refer the following questions of law for the opinion of this court : " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the assessee is entitled for exemption under section 54(1) of the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Act, but the Income-tax Officer declined to grant exemption on the ground that the registered sale deed for the said flat was not executed within a period of one year of the sale of Khamgaon house. The assessee's appeal was allowed by the Commissioner of Income-tax (Appeals). Exemption as claimed was granted and the Tribunal upheld the order of the Commissioner of Income-tax (Appeals). Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsurance policy, the Madras High Court in the case of C. Duraiswami Iyangar v. United India Life Assurance Co. Ltd. [1956] 26 Comp Cas (Ins) 12 ; AIR 1956 Mad 316 has observed : " We consider that the word ' purchase ' in article 116 must be given a wider meaning so as to include the construction of a new building ; that is to say, the word ' purchase ' has got the same connotation as ' acquisit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ards " used before the word " purchase " in sub-section (2) of section 54, it seems to us that the said word is not used in the sense of legal transfer and, therefore, the holding of a legal title within a period of one year is not a condition precedent for attracting section 54. In the instant case, the whole consideration was paid, possession of the flat was obtained and it was actually put to u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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