HIGH COURT OF MADRAS
Dr. (Smt.) P.K. Vasanthi Rangarajan
V/s.
Commissioner of Income-tax
MRS. CHITRA VENKATARAMAN
AND K. RAVICHANDRA BAABU, JJ.
TAX CASE APPEAL NO. 1435 OF 2005
JULY 6, 2012
JUDGMENT
Mrs. Chitra Venkataraman, J.
The assessee is on appeal as against the order of the Income Tax Appellate Tribunal, raising the following substantial questions of law, relating to the assessment year 2000-01:
(i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in holding that handing over of possession of the property under consideration by the appellant to the developer in September 1999 for development of the property under the development agreement would fall within the purview of Section 2(47)(v) of the Income Tax Act, 1961 and therefore transfer for the purpose of assessment of capital gains took place in the previous year relevant to the assessment year 2000-01?
(ii) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal is correct in law in holding that the appellant owned a residential property as on the date of transfer i.e., September 1999 and that therefore she is disqualified to claim exemption under Section 54F of the Income Tax Act, 1961?
