1989 (10) TMI 109

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....He had sold a property on 3rd Dec., 1978 and reinvested the proceeds in specified assets so as to be eligible for the abatement under s. 54-E from capital gains tax. That abatement is available only if the capital gains arising from the transfer could be treated as long term capital gains which will be the case if the assessee had held the property for 36 months prior to the sale. The ITO was, the....

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....nt and the assessee had also obtained electricity connection by November, 1975. He accordingly allowed the claim of the assessee. 3. In the appeal of the Revenue it was pointed out that the assessee had not paid Corporation tax for the property form September, 1975, that he was incurring rent for another residence upto February, 1976 and that he had applied for loan for additional fund in October....