TaxTMI 
TaxTMI 
2019 (4) TMI 1487
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....n as the market value of the property as on 1st April 1981 and the indexation will be applied from 1st April 1981 with this base ? (B) Whether on the facts and in the circumstances of the case and in law, the definition of the expression 'previous owner of the property' occurring in the Explanation to subsection 49(1) would be applicable to sub-clause 55(2)(b)(ii) since the definition is confined to subsection 49(1) only ? (C) Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in holding that the assessee is entitled to exemption under Section 54 of the Act ?" 2. Insofar as Questions (A) and (B) are concerned, concededly both the issues are squarely covered against the Revenue b....
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.... residential unit. In the return of income that he filed for the Assessment Year 20092010, he had shown the sale consideration of Rs. 11.50 Crores which was his share of the sale proceeds by way of capital gain. He claimed the benefit of cost indexation and also claimed exemption of the sum of Rs. 2.89 Crores while computing his capital gain tax liability in terms of Section 54 of the Income Tax Act, 1961 ('the Act', for short). 4. The Assessing Officer rejected his claim on the ground that the Assessee had not transferred the building and the land appurtenant thereto. In the opinion of the Assessing Officer, since this was a precondition for application of Section 54 of the Act, the Assessee was not entitled to the benefit of ex....
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....and not land appurtenant thereto. In support of his contention that in the context of Section 54 of the Act, the word 'or' should be read as 'and', he relied on the commentaries of certain renowned authorities on income tax law. We may, however, record that the commentaries presented before us were in the context of taxing Assessee's income from house properties and the question was whether the income arising from land appurtenant thereto should also be taxed as the income from house property. These commentaries therefore would be of no help in deciding the present issue. 8. The facts noted above are not in dispute. The father of the Assessee was allotted a flat in a residential complex in a Cooperative Housing Societ....
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.... the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be nil, or (ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall....