1984 (2) TMI 128

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....of the AAC, whereby, he has held that the assessee is entitled to the benefit of section 54(1) of the Income-tax Act, 1961 ('the Act'). 2. The assessee had been in possession of the flat in question situated at Bandra as a tenant under one Smt. Khatijabai since the year 1972. He purchased this flat from Smt. Khatijabai on 17-7-1976 for Rs. 15,000. Later on, he sold the same to Smt. Zohrakhanuba....

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.... and as there was no dispute about the satisfaction of the other conditions, the assessee was entitled to claim exemption under section 54(1). Aggrieved by the order of the AAC, the department has filed the present appeal. 4. After going through the record and hearing the learned representatives of the parties, we do not find any substance in this appeal. Section 54(1) provides as follows : ....

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....e of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say, ---" [Emphasis supplied] It would be evident from the perusal of the aforesaid section that, in order to get the benefit of section 54(1), it is not a condition precedent that the assessee must necessarily reside in the house as an 'owner' for....