TaxTMI 
TaxTMI 
2000 (3) TMI 39
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....purchase was made within one year from the date of sale and since substantial parts of instalments were paid within two years from the date of sale and thereby treating the date of agreement as the date of purchase ?" The assessee had sold her flat at Rs. 1,40,000 on April 30, 1981. The assessee thereupon entered into an agreement on April 29, 1982, for purchase of ownership flat from Akash Deep Corporation for a sum of Rs. 1,40,000. As per the agreement, she had to pay Rs. 10,000 on or before the execution of the agreement and the balance amount she has to pay as under : Date of payment Amount (Rs.) ....
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.... 21-1-1984 20,000 3-3-1984 10,000 The assessee claimed the benefit of exemption under section 54(1) of the Income-tax Act, 1961. According to the Assessing Officer, the assessee is entitled to only the benefit to the extent of Rs. 30,000 which she has invested during two years from the date of sale. In appeal before the Deputy Commissioner of Income-tax (Appeals), the Deputy Commissioner of Income-tax (Appeals) dismissed the....
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....ears after the date on which a transfer took place purchased, or has within a period of three years after that date constructed a residential house, then, instead of capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the provisions in the section. The admitted facts are that the assessee has entered into an agreement within two years for purchase of a residential flat and the flat was under construction. The amount was paid in instalments, but all the instalments are paid within three years from the date of sale of her flat, i.e., on April 30, 1981. The provisions of section 54(1) permit the assessee in case the assessee invests the sale procee....
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....tion of a statutory provision produces a manifestly unjust result which could never have been intended by the Legislature, the court might modify the language used by the Legislature so as to achieve the intention of the Legislature and produce a rational construction. The task of interpretation of a statutory provision is an attempt to discover the intention of the Legislature from the language used. It is necessary to remember that language is at best an imperfect instrument for the expression of human intention. It is well to remember the warning administered by judge Learned Hand that one should not make a fortress out of the dictionary but remember that statutes always have some purpose or object to accomplish and sympathetic and imagi....