TMI Blog2020 (8) TMI 234X X X X Extracts X X X X X X X X Extracts X X X X ..... t opinions on the issue and no guidance coming from hon ble jurisdictional high court, we invoke hon ble apex court judgment in CIT vs. Vegetable products Ltd [ 1973 (1) TMI 1 - SUPREME COURT] that the view in assessee s favour has to be adopted. We order accordingly. Assessing Officer is directed to delete the impugned disallowance. Assessee s appeal is allowed. - ITA No. 163/Ran/2018 - - - Dated:- 31-7-2020 - SHRI S.S. GODARA, JM And DR. A.L.SAINI, AM Appellant by : Shri Devesh Poddar, Advocate Respondent by :Shri Indrajit Singh, CIT DR ORDER Per Bench ( Oral ) This assessee s appeal for assessment year 2011-12 is directed against the CIT(A)-Jharkhand s order dated 06/12/2018 in appeal no. CIT(A), Ranchi/104 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as elaborated in sections 22 to 27 and 32 of the Income-tax Act, are very much interlinked and connected for granting the benefit under the Income-tax Act. The word and phrase owner in the context of section 22 of the Income-tax Act has been elaborated in CIT v. Podar Cement (P.) Ltd. [1997] 226 ITR 625(SC) and Mysore Minerals Ltd. v. CIT [1999] 239 ITR 775(SC). An assessee must have valid title legally conveyed to him after complying with the requirement of law or at least entitled to receive income from the property in his own right and have control and domain over the said property for all the legal purposes, which basically excluding a third person of any right over the said property. Therefore, all these concepts are inter-linked. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o tax, shall be deemed to be the income of the year in which the new asset is transferred and the said income shall be charged to tax under the head of capital gains relating to the long-term capital assets. [(1982) 138 ITR Section 10] (Departmental Circular No.346, dated 30.06.1982) [5.11] It is, therefore, clear that the purpose is to give this benefit on the ownership of one residential house only by the assessee and to encourage to have one residential house of the assessee. Therefore, right from the sale of original asset till the purchase and/or construction of the residential house, i.e., the new asset , the ownership and domain over the new asset is a must. The new property must be owned by the assessee and/or having legal ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of revenue/taxation status : - 39. When a case of obvious intent on the part of the Legislature is made out, a meaning which subserves the legislative intent must be given effect to. It is however also well known that when a word is defined by the Legislature itself, the same meaning may be attributed even in the changed situation. [5.14] In the case of Ganta Vijaya Laxmi v ITO Vijaywada [2013] 37 taxmann.com 263 (Visakhapatnam ITAT) the facts were that the assessee sold agricultural land for a consideration of ₹ 1.41 crores and had invested money in purchase of an Agricultural land and a residential flat in the name of her two married daughters who were also majors. The assessee claimed exemption under section 54B in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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