capital gains sec 54
This query is : Resolved
20 April 2009
can anyone elaborate on case no: 91 ITD 53 (Ban.)?
21 April 2009
answered
21 April 2009
The 2nd appeal in this case is decided by the Karnataka High Court in favour of the assessee.
Citation:- CIT Vs D.Ananda Basappa 309 ITR 329.
Facts and decision:-
Assessee sold a residential house and invested the proceeds in acquisition of two flats combined into make one residential unit. Revenue restricting exemption to invest in one residential house. Section 13 of General claues Act declares that whenever the singular is used for a word, it is permissible to include the plural. The expression "a" residential house should be understood in a sense that the building should be of residential in nature and "a" should not be understood to indicate a singular number.
Citation:- CIT Vs D.Ananda Basappa 309 ITR 329.
Facts and decision:-
Assessee sold a residential house and invested the proceeds in acquisition of two flats combined into make one residential unit. Revenue restricting exemption to invest in one residential house. Section 13 of General claues Act declares that whenever the singular is used for a word, it is permissible to include the plural. The expression "a" residential house should be understood in a sense that the building should be of residential in nature and "a" should not be understood to indicate a singular number.
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