TMI Blog2007 (8) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt was delivered by AJAY KUMAR MITTAL J.— C. M. No. 14769-CII of 2006 1. This is an application for condonation of 126 days' delay in refiling the appeal. 2. For the reasons mentioned in the application, the same is allowed and the delay of 126 days in refiling the appeal is condoned. I. T. A. No. 447 of 2006 3. In this appeal by the assessee under section 260A of the Income-tax Act,1961 (for short "the Act"), the order dated July 29, 2005, of the Income-tax Appellate Tribunal, Delhi Bench "E", New Delhi (hereinafter referred to as "the Tribunal"), passed in I. T. A. No. 3835/Delhi/2003 relating to the assessment year 1996-97 has been challenged. The assessee has claimed that the following substantial question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilsing the capital gain arising from the transfer of capital asset being agricultural land in purchasing other land in the name of his son and grandson disentitled himself from deduction under section 54B of the Act. 5. Learned counsel for the appellant vehemently argued that, according to section 54B of the Act, there is no stipulation in the said section which restricts that the land should be purchased in the name of the assessee himself. According to learned counsel, the assessee has purchased the land in his son and grandsons' name and the same would be entitled to exemption under section 54B of the Act. Learned counsel placed reliance upon the judgment of the Madras High Court in CIT v. V. Natarajan [2006] 287 ITR 271, to submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the land so purchased (hereinafter referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase, the cost shall be nil; or (ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase, the cost shall be reduced by the amount of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be satisfied before an assessee can claim the benefit of section 54B of the Act. (i) a capital gain arises from the transfer of a capital asset being land by the assessee, (ii) such land was being used by the assessee or a parent of his for agricultural purposes in the two years immediately preceding the date of the transfer, and (iii) the assessee has within a period of two years after the date of the transfer, purchased any other land for being used for agricultural purposes. 10. In interpreting the words contained in a statute, the court has not only to look at the words but also to look at the context and the object of such words relating to such matter and interpret the meaning intended to be conveyed by the use ..... X X X X Extracts X X X X X X X X Extracts X X X X
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