2012 (8) TMI 1195

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..... Sri. P.K.R. Menon, Senior Advocate Adv. Sri. Jose Joseph, SC, For Income Tax. Judgment Thottathil B. Radhakrishnan, J. 1. The short issue raised by the assessee in these two appeals is as to whether the refusal of claim for exemption under Section 54F of the Income Tax Act is sustainable. The learned counsel appearing for the appellant making reference to P. Ramanatha Aiyar's T .....

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..... , in our view, no substantial question of law arises calling for interference at the instance of the assessee. Section 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. .....

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..... an existing house and what gains exemption is only construction of a house. Of course, the observation in that judgment that even addition of a floor of a self-contained type to the existing house would have qualified for exemption, is not a statement as to law, to be noted as a precedent because that case was not one such. 3. Reverting to the case in hand, the Tribunal adverted to the entire .....

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