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TMI Blog2004 (9) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... eby the opening words "where in the case of an assessee being an individual" were substituted by the words "where in the case of an assessee being an individual or a Hindu undivided family". - - - - - Dated:- 2-9-2004 - Judge(s) : N. K. SUD., S. S. GREWAL. JUDGMENT The judgment of the court was delivered by N.K. Sud J.- At the instance of the assessee, the Income-tax Appellate Tribunal, Amritsar, (for short "the Tribunal") has referred the following question of law arising out of its order dated February 26, 1983, for the assessment year 1976-77, for the opinion of this court: "Whether, in view of the facts and circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in holding that section 54 applies e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1975, i.e., prior to the sale of the old house. The Revenue preferred an appeal before the Tribunal, which was allowed on the ground that the benefit of section 54 was not available to the assessee, which was a Hindu undivided family. According to the Tribunal, this benefit prior to the amendment of section 54 with effect from April 1, 1988 was available only to an individual. Before adverting to the controversy, the provisions of section 54, as existing at the relevant time, may first be noticed. Section 54 of the Act, as it stood at the relevant time reads as under: "54. Where a capital gain arises from the transfer of a capital asset to which the provisions of section 53 are not applicable, being buildings or lands appurtenant th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains provisions of section 53 are not applicable, and (d) such house property was being used by the assessee or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of transfer, and (e) the assessee has either within a period of one year before or after the date of transfer purchased a house property for the purposes of his own residence or has within a period of two years from the date of the transfer constructed a house property for the purpose of his own residence. The crucial words appearing in the above provisions are "being used by the assessee or a parent of his." This clearly shows that a reference was made to the assessee as an individual, otherwise the question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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