1978 (3) TMI 36

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....ferred to us in respect of the assessment year 1966-67 reads as follows: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the requirement of the provisions of s. 54 of the I.T. Act, 1961, had not been satisfied and consequently the assessee was not entitled to the benefit under the aforesaid provisions for the assessment year 1966-67 ?" The....

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....r the parent's own residence, and the assessee has within a period of one year before or after that date purchased, or has within a period of two years after that date constructed, a house property for the purposes of his own residence, then, instead of the 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....

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....rding to counsel for the assessee, it is enough if the building was used as a residential house at any time during the period of two years immediately preceding the date of sale. It was submitted that the word " in " which has got several meanings also denotes that it can be at any time during the period which is mentioned-in the case on hand, two years. On that basis it was further submitted that....

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.... immediately preceding" are coupled with the words " was being used ", it connotes in the English language the user which extends to the date of transfer and the expression in the English language is described as past continuous, a continuity which extends up to the termination date which is clearly stated as the date of transfer. The wording of the section appears to us to be clear and it is also....