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PIL relates to deferment of payment to electricity till 31/7 , came up today before His Lordship Mr Justice Sathyanarayana bench. Learned AAG Arvind Pandian reported that the government is extending the payment time to 06.06.20. Hence recording the statement the Honble bench adjourned the matter to 08.06.20.
by Sekar Reporter · Published May 18, 2020
THE HONOURABLE MR. JUSTICE T.S.SIVAGNANAM AND THE HONOURABLE MRS. JUSTICE V.BHAVANI SUBBAROYAN. –in the case of the assessee being an individual, the long term capital gains arising on the transfer of a residential house will be exempt from income tax if the assessee has, within a period of one year before or after that date either purchased or within a period of three years after that date constructed a residential house. For this purpose, the long term capital asset means a capital asset, which is not a short term capital asset.” 16. From the above, it is clear that the intention of the Legislature was to either purchase before or after the date of sale and the word ‘purchased’ or ‘constructed’ used in the Notes on Clauses amply makes the intention clear. In the light of the above discussions, we hold that the substantial question of law is required to be answered in favour of the assessee. 17. In the result, the above tax case appeal is allowed and the substantial question of law is answered in favour of the assessee. No costs.
by Sekar Reporter · Published September 15, 2020