9911796707
TMI Blog2006 (3) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... nit. The liability to tax and the exemptions provided in each assessment year may be different. This is entirely in the realm of Parliamentary discretion and policy. The objects and reasons for granting and withholding of exemption may vary from time to time. The same cannot be allowed to be questioned on the ground of discrimination. Therefore, the challenge to the validity of the aforesaid provision cannot be sustained - - - - - Dated:- 27-3-2006 - Judge(s) : MOHAN SHANTANAGOUDAR. JUDGMENT Mohan Shantanagoudar J.- The petitioner has sought for quashing the order dated January 21, 2004 passed by the second respondent-Commissioner of Income-tax, Mysore, vide annexure D, the revised assessment order dated July 27, 2004, passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; (b) if the cost o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at in the subsequent years exemption under section 54F of the Act was extended to two residential houses and, therefore, depriving during the assessment year 2000-01 of such an exemption by extending it to one residential house is discriminatory, violative of the fundamental rights and ultra vires the Constitution of India, also cannot be accepted. The Central Government is empowered to have its own policy for allowing exemption. Each assessment year is an independent unit. The liability to tax and the exemptions provided in each assessment year may be different. This is entirely in the realm of Parliamentary discretion and policy. The objects and reasons for granting and withholding of exemption may vary from time to time. The same cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
