1989 (10) TMI 109

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..... reinvested the proceeds in specified assets so as to be eligible for the abatement under s. 54-E from capital gains tax. That abatement is available only if the capital gains arising from the transfer could be treated as long term capital gains which will be the case if the assessee had held the property for 36 months prior to the sale. The ITO was, therefore, at pains to show that the assessee di .....

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..... city connection by November, 1975. He accordingly allowed the claim of the assessee. 3. In the appeal of the Revenue it was pointed out that the assessee had not paid Corporation tax for the property form September, 1975, that he was incurring rent for another residence upto February, 1976 and that he had applied for loan for additional fund in October, 1975 and taking these facts into account i .....

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..... e did not occupy this house as the process of shifting could well taken some time. The levy of Corporation tax also is not always from the exact date of the completion. of the construction as it takes some time for the Corporation to process the levy of Corporation tax. Since none of the facts relied on by the Revenue disproves the claim of the assessee that the construction was completed before N .....

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