2022 (7) TMI 1517

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....PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER : The present appeal has been filed by the assessee against the order of ld. CIT(A)-1, Gurgaon dated 02.02.2017. 2. Brief facts of the case are that the assessee filed return on 31.05.2013 declaring an income of s. 8,72,370/-. The case was assessed computing the capital gains at Rs.1,07,50,047/-. The assessee claimed deduction u/s 54B of the Income T....

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....ts) vs. Dilip Kumar, Civil Appeal No.3327/2007 dated 30.7.2018 wherein it was held that while giving benefit to the assessee, the provision needs to be interpreted strictly and in case there is ambiguity, the benefit of such ambiguity cannot be claimed by the assessee and it must be interpreted in favour of the revenue. 6. The Hon'ble Karnataka High Court in the case of Antony Parakal Kurian Vs....

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.... "10. In interpreting the words contained in a statute, the court has not only to look at the words but also to look at the context and the object of such words relating to such matter and interpret the meaning intended to be conveyed by the use of the words under the circumstances. The word "assessee" occurring in section 54B must be interpreted in such a manner as to accord with the context....

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....Hon'ble Jurisdictional High Court of Punjab & Haryana in the case of CIT Vs. Dinesh Verma [2015] 60 taxmann.com 461 held that, "17. The Tribunal observed that it is settled now that an assessee can purchase a new asset or part thereof in the name of his wife and that there was sufficient justification for the same on considerations, such as, stamp duty rebate, social considerations, secur....