1981 (5) TMI 75 - AT - Income Tax

Summary

The appeal relates to the claim of the assessee for relief under section 54 of the IT Act. The property sold was not mainly used as a residence, and the property purchased was not used for residence. The appeal requires fresh decision by the AAC as the property sold must be mainly used for the assessee's own residence. The area under occupation is a safer guide than income assessed. The property purchased should be for the purpose of the assessee's own residence. The appeal is treated as allowed.