2010 (1) TMI 287

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in respect of return of income for the assessment year 1997-98 had claimed certain exemptions under section 54 of the Income-tax Act, 1961 (for short "the Act") on the premise that the profits earned out of sale of the residential property has been reinvested in a like property and therefore sought to reduce the taxable income to the extent of exemption permitted in terms of section 54 of the Act....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....further appeal to the Tribunal who found that as a matter of fact there was never any structure fitting into the description of "habitable residential house" on the property which had been initially sold by the assessee and therefore allowed the appeal of the Revenue, reversed the finding of the first appellate authority and affirmed the order of the assessing authority. 5. For such verificatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n etc. 7. It is also the submission of Sri Parthasarathi, learned counsel for the appellant that there were two adjacent sites and on one side at least there was a structure put up and to that extent the Tribunal should have extended the benefit under section 54 of the Act and should not have reversed the finding of the first appellate authority in its entirety. 8. We are unable to appreciat....