TaxTMI 
TaxTMI 
2001 (12) TMI 51
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.... as under: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee had not purchased the property within one year from the date of sale of his residential house so as to be entitled to exemption under section 54 of the Income-tax Act, 1961?" The basic fact of the matter is not in dispute. The assessee sold a property, 15/16, East Patel ....
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.... of Rs.98,000, which he received by way of consideration in terms of the transaction which took place on December 3, 1974. Section 54 of the Income-tax Act relates to profit on sale of property used for residence. The said provision reads thus: "54. Subject to the provisions of sub-section (2) where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain aris....
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....me the owner of the property, as the said transaction was not evidenced by registration thereof as provided under section 17 of the Registration Act. For the purpose of attracting the provisions of section 54 of the Income-tax Act, it is not necessary that the assessee should become the owner of the property. Section 54 of the said Act speaks of purchase. Moreover' the ownership of the property ma....
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....pex court in CIT v. Podar Cement Pvt. Ltd. [1997] 226 ITR 625. The apex court categorically held that section 22 of the Income-tax Act, 1961, does not require registration of sale deed. The meaning of the word "owner" in the context of section 22 has been held to be a person who is entitled to receive income in his own right. The apex court in Mysore Minerals Ltd. v. CIT [1999] 239 ITR 775 and thi....