Case Law Details
Case Name : Commissioner of Income Tax Vs. Sambandam Udaykumar (Karnataka High Court)
Related Assessment Year :
Courts :
All High Courts Karnataka High Court
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HIGH COURT OF KARNATAKA
Commissioner of Income Tax
Vs.
Sambandam Udaykumar
IT Appeal No. 175 of 2011
FEBRUARY 15, 2012
JUDGMENT
The revenue has preferred this appeal against the order passed by the Tribunal granting benefit to the assessee, upholding the order of the Commissioner under section 54F of the Income-tax Act, 1961, (For short, hereinafter referred to as, ‘the Act’).
2. The assessee Sri. Sambandam Udaykumar filed his return of income for the year 2006-07 on 11.10.2006 declaring an income of Rs. 2,13,68,271/-. The case was selected for scrutiny, Notices under sections 14...
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Female assessee having two commercial properties sold as under-
1) COA: Rs 328840 dated 11.01.2008 sold for Rs 450000 on 15.07.2011
2) COA: Rs 120000 dated 17.05.1994 sold for Rs 1460000 on 30.08.2011
and purchased a residential house property in dec 2011 for Rs 1215500
so,
for the 1st property there will be capital loss amounting to Rs 18493 (450000- 328840 * 785/551)
and for the second house property there will be capital gain amounting to Rs 183592 (1460000- 120000*785/259) – (1096293 * 1215500/1460000) (Is exemption u/s 54F available?)
Are these calculations correct??
And, net capital gain amounting to Rs 165099 be taxed at flat 20% rate or will be aggregated in total income of the assessee?
Please help in the matter as soon as possible.
The Hon’ble Court has approached the issue with a pragmatic approach and to save the citizens for having performed their part of the contract, if the delay is caused by the other side, that should not be burden in the form of levy of tax and other consequences. The decision is very reasonable one.