https://www.taxtmi.com/caselaws?id=29657 The court held that the sum of Rs. 10,340 was assessable under section 45 as capital gains, ruling that the conditions of section 54 were not met as the property was not used mainly for the assessee's residence for the required two-year period. The court emphasized the significance of continuous use for the specified duration, rejecting the assessee's argument that any use during the two years sufficed. The Commissioner's interpretation was upheld, and no costs were awarded in the case. en-us Wed, 14 Oct 1981 00:00:00 +0530 Mon, 15 Mar 2010 13:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29657 The court held that the sum of Rs. 10,340 was assessable under section 45 as capital gains, ruling that the conditions of section 54 were not met as the property was not used mainly for the assessee's residence for the required two-year period. The court emphasized the significance of continuous use for the specified duration, rejecting the assessee's argument that any use during the two years sufficed. The Commissioner's interpretation was upheld, and no costs were awarded in the case. Case-Laws Income Tax Wed, 14 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29657