1991 (6) TMI 68

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....he Act"), wherein the Income-tax Appellate Tribunal, Cuttack Bench, has framed the following common question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in allowing the exemption under section 5(1)(iv) to the assessee in respect of his interest in the property situated at 52, Burtolla Street, Calcutta ?" From the order....

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.... the pre-amendment provisions would apply in respect of the relevant period for which returns had been filed as, under the pre-amendment provision, a house which is exclusively used by the assessee for residential purposes was to be exempted under section 5(1)(iv) of the Act. The amended provision having come into force with effect from April 1, 1972, by the Finance (No. 2) Act, 1971, learned stan....