1994 (1) TMI 31

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.... the assessee, who is an individual, had sold the property bearing door No. 3A, Longford Garden, Bangalore, on November 20, 1974. The assessee claimed relief under section 54(1) of the Income-tax Act, 1961, which is admissible only if the assessee had used the premises which have been sold, for the assessee's or the assessee's parent's own residence for a period of two years before the sale. The a....

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....apital gains of Rs. 1,24,138 ? (ii) Whether, having regard to the provisions of section 54 of the Income-tax Act, 1961, the Appellate Tribunal's finding that the property sold by the assessee was mainly used for her residence, is based on valid and relevant materials ?" It was argued that since part of the property was let out, it could not be considered that the property was mainly used for....