Karnataka High Court
The Commissioner Of Income Tax vs Smt K G Rukminiamma on 27 August, 2010
Equivalent citations: 2010 (4) AIR KANT HCR 402, 2010 TAX. L. R. 597 (2011) 331 ITR 211, (2011) 331 ITR 211
Bench: N.Kumar, V.Jagannathan
EN THE HIGH <_::<;>:.:m* (:11? KAE<*:Nm*A;<:A AT BANa3AL<;§m:
Dated {ha 27* day of August. 2(2) $0 :PRESENT: _ _n }£if;N'.E%I,-E3 E'v€R.JUS'T1C:E :4 ;<:U1xs:;'::~2--%'}§j % A N :3 L _ " i % .k H£;iz§\f'B1],E; Ev§E~':.J{.§i:'~i'i";{{":E§ : V.Lf.2'a_{§AVI;ENA'ifEv£z§E'€ = "
§3§E*?T."WE¥§3N :
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2. Tht:
Ward~3_(4}:§ 1 i.3L1e::ns"'}i{_dac% £3;_;3;gs;1u:x:..% V .
. . .Appe1ia1"3.t:s { By Sri K.u"'i;i_;3Lr.¢;Vii1da3'7*§;1i' M'.V.i'S<:shacl":a}a, Advocate. ) 1»fiND§ ' ...... H r G,Vf€i%1i£iiii31iaznma, §?riI'1!:::i',»».MjS la '{'r:-fling C0,, Baiepizte, Ba?i§i:g;a}0m.
'V ' ...i€',c:sp0§1ck;:n3:.
"~§:1{:0I1'1é: Tax, Aggpéal fiied 11:r1e:i€r SeCt:i0I1 ';2f:3()~:'1's. of Z."F..A(:t, I961 aiiisirxg am: of order dated 22.£Z.;2i3C}8 '4 " ' .§assed in ITA*NQ.9*}}/BNGJQOGT, for the Asse:$3111ent Year 2(}O4»{)§, prayifig that this, H01:1.'bLs: E01111. ma}; 7'06 M/' ~...3 phased U): i} "0:°muIa{.e the suhsaarztiai qtxestions Qi"¥§:;-aw Siiated Ehfiffiiii, ii} aiiow thfi appeai anti set H Order passed by the "
FrA.:~se.99;BN:3/2001?. ciateci 2:2.*z,;2<1f;;$'%;# <:>1fd<:31* of the: ap;:se:i1a1'".c.=: cor11_:1'1'is:_§*ffi£;1"Aié3:i_"é:e31;d ardétrb passeci by the BaI1gak3re. in the i1"1tericT:"e:.{ i)f '4&::f§:;.iA:'»(:<j;§1it3:'.
This ETA day', Kumai'. J, cieiivsred V' ENE'
This; 13r:ai°is"bi;' 1"i".'1"<r;*._ 1"Ev'e§1u€ <::ha}k:I1 in the Omar passefi 'V by :1«;e~ .._;é;g3p1:€iIat€: Tribuzaai as wall as thfi j3gE?pfi}:fi?;€:V',EE%ihhQfit}; hoiciing that, in the facts arid circis-;1'1stai?.i_C€:S[;;y<jf this case, the: assesgeze is antitéed to ' d€c1uf:?;i<§£1 iiiidel" Section 34 arid the Capitafi gains Wimid :13, ' Assasses Sm: Ruk111iI1.i§;a:nrz1a had a pmperty at. Bagavanagudi. She erxtsrarid irxm a jam: davaiopxraent agreirsrzaenit with Iiruiiecier IVI.A.'_€»'I9}:M::z-3.11 Kumar on 8.'?.:2f}i3iZ V, 2*;
ti} deveiop the said propertj~;2. A€:COI'd§I1g t:::3; "E136 agrasrnarzii. {ha assesses is {ha »:3w:r1»3r of "
bearilxg, N0. €539 {aid 1'? {ma later Geviziciappa Read, BE3.S8.VE1I3:%flAf1fe%%'Vi»'1:('.fi;A::. nmasuriizzg 36' K H0'. '1'h€:V.?:_21_4_1uiiéc.*;:i*'* égrfifid re:sider1tia.E apaftxnent zgznd {cg déii'::c'.:V§* {ha super buiit area £0' tfzé '£01111 sf resicierxtiai €1}38I'tI'I1€iI1{Sf' 3" (:c>11$t:ru(:'ti0I3 anti Qther by the iiruiidei'.
A€:c<31*di c(mst.ru(;ted eight.
flats aI;d_ tea the £iS$€:SS€€. Ciut sf the few" Vgi_f1';c:c:i.'L't11rE:<: flats to her sens and A_r€:taV:i.1'.:i£3c§__L€s:1g3 fiai:*fO1f__§?t8I' use. The buildfir, out of four fiaigé -753;' him, has said three flats for 3 c£i}.';§:§i{ie1'vé.tinfi1f: Rs, 17.12 1,250/~. "£13153. assesaca filecti her ;E'€UlZ'I1 0f incorne for the " §i;s«S:¢:§sfé1IaaI§t year i3{'}(}4--f35 G11 £.:3.:200:"3 311d had declared mi: imtoflxe fmm capitai gains as 1111. Thfi sale value cef $312'?/:':; of the site was valued at 7Rs.22,¥§i:3,(3§€}/~ and a3:1"i2r<:{§ at sagjitai gz-:iI;S at £9%s.3.3,'£}'-4,?3"'j~. 83103 the X'/% '4 airzaunt was i:'1ves¥:e{i ix'; residaiatiai fiat, 15:16: me: taxabie capital gains W33 deciareii as £3.11. The assessc:».§%,",i1::i;1§i xvcarkaci (mt. thta capita} gaifis at Rs.:2,£J8,912 H mat»: ftirnisiaed, she had £I},€3I"i'{i()I'1€i',CiH§VlT}.E:"tT., 0.12%. "
flats aliotmd ta 11:31', €:fi'u"ee flats and rfitamed 911:3 fiat far 'V Lisé:'.A.V.' ''*E'i';e :
3_3r<:s{:::ss<:d L111.d(:'I' $€CiLi€)§"1 cast:
was seic=,<:1:.ed for *5 in$tr11ction sinca the assesses haci " finder Sf3G'ffiOi'1 5413"' being _ in resici€:mia1 p1'9p€.1*I;V, 1--'~i;'3{:Z} and 1412(1) were i,ssu€:s:i. '"ufh€" ,asSeS::§:€:.é4'£::-ntered appearance with hm' Q_c0u:1ai;:1f At tE"xe.v tj_:_1f;e;i of htiaréxlg, the assessee was :*«:==;;;i_'1:;:<:St<2t§:I'~+m "'f;11'11isi1 a valuation mport from the r(--:.-g"i3'i:éred éalxiar to arrive at the cost of C{)1TlSU"L1C'fi{)Ii 91" _f<;:m* i7ia{is;.: The assessee produced a "valuation report ' f$§1<3£r;?':i3T1g 131$ cost of corzstrutztioia of four flats at R:S;.4{},54,20(}/--. The buiidar had giv'€::1 a sum 0f Rs. }.,20,{}{}(}/~ on 8.'"i".2{)L};£ as refundabie deposit. Out of that said amm.m1:;, SE16 had repaid Rs.5{),()("){}j~ to the bt,1fide'r and stiifi she was due: to r:i:i'111'1€i Rs.7{).,(13{}G/ -.
4. 'H141: amassing azithsrity, on the aformaid fgycts, htzisi that the COZ£'1Sids'3I'Ei?.'i{Z)1T1 1"€C€:iV(3d by {ha ass€S;34é_'<";.%_ is RS.-<$0.54.2{)O/'« as againsiz R$.22.93.E:5-Of» her being the value of U399 fe€:t_;{}f V Site '¥1I'=§ii"iS'f€i"1'€d to the builder.
.*5as.21,73,83:3/- was hezq 'Lh€:'_§;t:z1g§ii§'§11""wwgz3;h1. Thareforé, it was coru:h:<ied-------ifi:at"--».:the 'éasgassée had fllfflifihfiii inacctzrate by declaring the value of {)Q1f3"§ 0z.1_ of ";§;<;} the buiicier at Rs.i32.§f 1am'kv §] S:{ £3,S t}1e.{§6iI'ect figure Qf RS.4!;}.5 iakhs i'<:i1f which 'ifi1iti'a1iiii::7:.V*" of action under Section 2'?_1{1}{::) _0f Act was ciiretted.
. by '[135 said order of the assessi:::1g a*1e1t}f1;<:~":tfi1:3?{"--«f}1c3A':aSsesse$ preferrttd an appeal before the V VV _ C',oIzi'}:::iss§i(j1':é§':' Efiplmais}. The-3 appeiiaije auth{>I'i3:j; held ._if1{3{f..:i:t iS'(fie3.r from the facts that the asset tFEtI1Sf€IT£3d _'j~__fif'e:1S"a;"r€sideI1tiai hczuse and $3716 Coxlsideraxien I'€C€.iV€{i ' i'I1 t'.he form Qf faui" flats are also I"t'iSi(i€I1ti3_i flats. Thus, the appeliarxt is e1"3.i:it1eci far daduatiorx under Sectien S4 gum caztaigaiy 11:32: tinder" Sectiorz 541?. Rtzgarding tbs quarimm of Cieéiilctimzi, ha heid that, tbs appeiia:%i1'.Ti$ fintitieé ta deductiorx u.3:1dc:}: Sacijori 54 in l'ES§":{":C3t:
eritire value of feuz' .E1a,?:$ 1'-::<:c:iVe€i_ by-*.., £153}? 'V.T.;bt:i11g"' cansidfirafien fer 3:r311sfer of 1;1I'1di:'5vicief{i 'f:3,1t'<::'é$,'€.'--iI:1--..iv,§3§.§ sq. ft. of p:'::;)ert3,«' iawnézti 133: 'h§:r to" f;i'1€: <:ieve:i<:3fp,é r; further held that the ju¢:."i@1€I1?é.;f {his C{:)L3I:'§."' in i:fz;'::€ Casé Of Ariand Basapprz Vs.' _ I'i%'"f.3*C.';:1"*;",é{§;v.i171T{}§{;}{){Mfif§E {I 1} IT' "L 1283. squareiy a;:)pIi:3s3A..f5£3_"i.l1e I7a(:fS. {)"§iiii'1eia Case amd az:c0I'di:1giy, zrésas aE?{:vi.?t;ii"'é:1d the assessee was @'§iI'_£_'L§(i éftgijef ~.
6,, Ag"g§ré.E:~%ge:i _ ardex' 91" the appfiliata authazfity. €326 'r<3§v¢f=:1i:§:» jf3fC',f(§1Tfi(Ti an app-ea} Zt:efc:+re the tFi}3'E}flE:;i1;"'***'Tf€36 trihunai, an rserapjpreciation of =.ti"1r:A'iéi<:t¥sv.»,éfii <ii fizé Eaw €311 tha pmlflt, has haid that, in 3 CaSt:_ {if a:3:_1:is~ ':_1a:tu1'e, '%i"}1£it is to bfi, fixmnfiaed is vs?hc:t§hr::r . *¥i:.}1& c91'1rii1';i<::I1s af Sectima 54 are safisfiéii at 1:314: talme af VA "iifn-f<:: sii;'fa1e11: in {$16 p:'<3"p6;rt:§«' arid Whfifl the asscmsee said. . t'i:_é Qtigixzai p1'0f_{:em;y and earzwti capiiai gain out of S336, :. w1"1aJ; is {Q be Sfififi is WEi1€t}16:' thé saie: pincaeds eff arigirzai ass.:e:t;s has imerz §__:t.§_§.i:?::t:1 in aegxfiriiag {:iji1{)lh€':3'i' houss pr~:>p€:rt:;»2 The apartments Wc~:re acqzgirszci simL1£taI1e<311s1y and h.6IZ(_"f£':§ tbs <:;onditj<:aI1s for acq:¢;i:ii::;g'§;A :'<:s:ide:r}.tiai house wifhin the time specifiegi ar£€----co£:i'§$:i'it=§§' * with anti, tizcirfifore, the assesses is;'eI.ig;3.:i7t33¢ f<2f"(i---fig? uruizir 3313:1911 54 in rttspect 0pf a}1["t}'1e"-af}§;.:»i;'i:;1§i1::s'--. sin11.1itaI1e0us1§: a.€_:q11i1't3d. V A§i{:p1'd§fig{y ' ghej V}'T':§§3@iia{e "}'Ié.b1.1.nai éismissad the--ap1>ea};"* -Aggvicved' lé sams, the: r{~:v<3:m1§: is 't3ef{:1I'e t11iSV%£;;10:ir?t:..7' ?. '§'h<3 1e,a;'éf;ed'}{:c*;::i'seififsr t;:he"révt:.1':ue assailiug the i.IiI11.3t1§_$;};7g§§{?i TV()3'{;3i::"s by . €f1Ve: appeiiate auti101'it}»-',. €{}l1{€I1CiéEs;1 that,' f§i1'};A:{A":fVi!2u?.*,i"V'§"',5«':?.'A'35:t;;"'{§?('Z}1"i 54, the word {mad is "a rrzside:-ztiai fiirzgséi". '1'}T1@ _iétt€r 'a' in 'ihfi said ward is to °"::»e: gizréxi»-.'a ;1:::a11i:1g .W'i'i1e oral}? meaiaing that 3.3.11 be givsn 1 '£é'§i.t:3i."~* is fha: the asssessea wauid baa €:I'1£:it1e{i to fine 'tzeizafit cf CX€I11"[}'{'iOI1 from paymerzt cf capital ga,i1:s 9113-'3} Whfiil. he 01" She acquired 9., msidr:%:11ti3_§. housér.
" . if_Ifio1"{~3 th8;:"1 one 1'esi<i.€I1i:iai house; is acqzzired, as in t§:1<:: ' " -pafzsent: case, when four re5i«:.Ee1"11:ia£ {Eats are aequireti, 1:316 bfizltzfit -can be €iX!;fi}'1(i€(§ oniy in raspect of one :"e3ide::t;iai fiat and in I'€fS§§€C§. e::af Ehfi re:11a:§11i:'1g tlzrrie ES resicimxtiai flats, the assessee is not entitied in ths: bfiflfifit anti, tk:c::'ef<:>;re. he submits that the 1319;:-gist} j1.1dgm€m.$ are €;E"I'QI'1€(§'i_i8 and requires if} be s€_t;"aséfci@,__" 5 _, ' V
8. Far a pmper a13precia1:i0::A,__0f _'i;f2é" ~ --}'_4f<:$'1'"<:r':s';:a:Vhic§vL_ C0:*:::em'ti0n, it is L£"16CifiSS81"§x' to 1*a£;3.ve:;'_"a3.A~'¥::.ai*:?;fi;1§ '§Gé§{=--..fiEi: Se:(:'!;:io1"1 54 of the 113.com»: Tax' wEt1i§<::'r1 1'§:_a<i.s a§$"1;:1":d€:_': "S4 Profit on sale of...f;_§fopé--r$y j7';3r residence.» ( 1:1 S1i--hjéc¥;7_to;'t1ié--. ;;31f{:wjisiQns ef S1.}i}~§§fZCtAlO1} {*2}, 2§€¥.i'1§:1*§:, .i:I1:_ tiie of an as:36s';s€:<;f":;» ijéiiizeg 8J;"---indiv§:<:ifia1 01" a Hiridu ilf".idi'§;s'i€iC€S1 i:3i;€1i1}i_, iIf;é"€'f£3}")i'¥La} gain arises fmm the "eraii1sfe'1--* ' a""-Zi._5I:ig~*t_eI3'x1 capitaj asset, ésaiizfzg E3.1;iicii:1g§é V01' 1:313:15 appurtenant .€§1:3-Iifilmg "'i;;r€:§i1g a residantiafi housé, the uggfzciiiilit-. '€}f_ which is chalgaabk: under the *'§:_':3;£:o11;e frotn .hou*s+5 garcpertjfi' {iltarézafiiar in this S€C'[i{)I1 referred in as the {fiiginai asset), and tha £iSSt'3SS€(Ei has within a "~;i)c:ri{3{i Qf one yéar bfiifere :31" {W9 §f€81'S a;'i'3;:t::' {E16 data an which 111:: transfer teak place p11r€has€:z:i§ or has Evithizi a periad Qf 1:.i:[:1'€€ '_V€';£i_{'S 3ft.::-:1' that dam Canstructeci, a resiziczmial Eatzmse, t}1»::I?:, instfiad. of :21: capitai gain bsiing cizargeti ta i1"1c0m<:-~tax 3:; 9 income: of the p1'€:vi01:$ year in which U116 transfer took place, it: shall ba deals: with in a<:::0rcia_m:e with th::: ftaliezvixzg pmvisiezqs s:?§f~ this S€iCti£}I1'u, that is :0 say,» »V L. .
(1') ........ . . "
9. A ;*€a:i.i:r1g of thfj afcmasaici §3{f(>::%;'$i:i}i'1::i«?<:V.§f'}r%V_:A ciear tixat: the p:rope1*ty s0id is_ I'€f:€}"Z¥.'&:d V asset :11 Uflfii sectiszi. flxat él§S€t i.S bed 33 buildillgs or lands; 'and bang 21 Iesidazatiai h0L1§'9€<., "list I}1{3.I'tii "a I'€$id€HV§Zi}?zi V§'1Qi3,SE:"'.'§:'E ;TfI§': Vi"€SZai(i.éfiEi31 heuse ma}; i:m::111cie 'mziiafingisc£r4.Ii31:1+tf1Sé§;:-;:$L:1ffi:;51i?§e=J1%; thmeto. '"F}":e strozss is an the use_ :0» x$§i.}i§:11.t1"3--r:3 is 1:31;: $10. (3I::1}; viihen that 'assei; .1/@135 vused gisflét rtisittiantial imuse, which znay "'Ar;.:3'§:;§5~;i's': or iguads appurtsxxant th€:1'et:o, the iI1€{3:II1§? dfirivasi fmm the sake of such a 1'(=:siVcie111':;ia} 3f§;(:E1S€ "is (:i'1ai'gtéabi€: L111(ie:r the head "inctignie from hotzse §:%;"{2§€_A§¢'i:3»'.," If thc: 8.5863366 has within :21 pf::ris:>d of 0:16
3..-f_e;_~._.:§.r before 01' txxm §£'€£31"S aftfir fin: tiata {:11 which the «~ Vtrazisfar taak piace 1;>u1"C}1ase-::i, or has within 3. period cf timitté jszears afttzr that. éatf: £:{>11st1'm::3:<3ci 3. rtisidexltiai ii} hmzse, tham ir1stc:a<:i :3? the capitai gain being charged to ir1ca1i:1t=:--tax as iiicorntt G1" the previotis yew' in \ssi1icii"'-ma t.r3.1'2sft:':r {oak piace, it shail be (16212: with in wit.h the afaresaicf provisisms. in this pan'. 3130, {ha words "a. residential E.1{)11::§";é;'V mid residential jnauscz I1¢ce;ssa.¥*ii.§/j '--..i1as 'V buiiciixxgs at' iancis app:1rt6:n;§i'1i: 3:}1¢r(ii<3;.1 be C101"1Si1'%.1Cd as (me residtfiiiial {§€§:1i§%xt, it is usefui to réfer to VSe(:ti0;:V_}: C':'iaL13c:s ACQ _£8'~'97§ Whicia 1'fii\835f'¢§.%.Vas r_éj:£1d%':I"i'«V ~» 1 2 {Treficief'.f§u:f§%?3er. ~ In afti (leratraj Acts 2 e3}:'}..{i V:§§§c:§;=gi§ai;i19I1s, 1_iI13.€::'-SS there is ..«§:g:s;::;:},»*':%_?1ir1gV" " :rct;:§_f:__M§'«§g:t,13.1'1t in the su bjec:'t gr M' ~.. V 'V im.porti11g the .masCuiiI:e g€:i"1<:i7er
-- ' _ Sfi":3L_1.};' fjéikfilil 1:0 i;r::Ch,1d€ felnaléss; and "{i£)$" §x}0:':is in the siI1guia.:' shaii §,f;i(3i¥.,§;dt3 the " 4_pi1ii'aI, and wide verzstzf' ' 16;. The Corltfixt in WI?1ic:i'1 the fiX1i3}"€SSi0I1 'a residefitiai houae' is I,}S€d in S6t::t.io1:: E34 {flakes it ciaar that, ii; WEES 11:1: thta i1'1I:c'::m'i0:3 of the .1eg§5ia£:i0:": 1:9 C{)I'Z3V€:":}*' the mea1T1i:.1g that. it refers '£0 3 singki 1'F3Si£§.{ii'117§8i E'1::31_:.se. if ii ma: was the El"1t€:'3;1!iiOI1, tizefa would _E'1av€ uxszi "me Wfiiti "cn"1<:."' As in the eariier QQITE, the w{31'ds E:auik§:ir;gs 91' E:-;:'1::is whicirz are piurai 111 111.11'11i)¢:r§'_:é.fi{'iV.' _ is mferrefi ti) as "'3. 1*eside::i;iai i10:1_s§ffl_§:he 3111 assai m=:wi_s-* acqziirtid afifil" cg?
asset aéso ca}: be bui1di1:g$'--~._Qr i31 fie:}S_ '£;E1€1'fi5EQ, which aim sijjaguld VA Tllerfifcrtt the Easter ''8.' §h é::_ is used she111d not bta c:0i3strL;¢::i 'a,$ :§:3LiIi, bcing E311 i:1<:'iefi3:_1itc: 1'€§}§v§)}'.'€f$§§i*'I.)VV1j?L'éfiflliid be mad in Czynsaifirica wefds ijuiiiiings' and 'iands' Eillii, ther<{%§c:}ré:,.V t§;;£V:3ir'1g7;1;iar 'a zfisidexztiai h<;:»us€:' 3150 '_p€::':;::¢§1j;.::sv 0f' "p--§1;;j;3§,i;a§a' V§ITi.i{i' of Se<:?;i{:m .i3{i2} sf $5113 C'x§ifi€I?a}v,_C1:§'L1S§€:S_;5s.Ct¢ 'I'i'1is is the: View 'whi<:i1 is taken 1:33? 1;1:i3s"€:£:>1":1't--.V-"ii":ftlzfz afaresaié Anami £3asappa'$ case in ;2:{'}{'}4, sziisposzici of an 2{}.9.2{3(}8.
-Wit, t§1er€f,bI*<i, dc} not 566 may I1'1€I'iEi in the " ':S'fib.1"I1iSSi0I1 cf the: ieaI*m=:é cczsunsei far the raveitxuxzt,
112. 111 the ir1s't3._111;; case, tha facts are :10: in x:iEspL:;£e, (1):: $3: sits Inaasulitrxg 80' X .1 10', the aS$€SS('3€ had a Xv ,3 h.
msiderztiai m'€:'13:1i:5r::s. U:1ci<:::' a gain: vzizjvelopzrxerat agreerrxemt, she ggava 1:113: prepeafty to 21 §:'3u?:i:;i:::""----.f:_)r guithzg up flats. U1.1{'§.<:I' {£13 Eigftifiillififiii eight iiéatfi K be put Lrgr in tghat properizy 311:3. four flats"
48% is i:i1<:: Shara: of the assassee Ema .r'::11133:§:;::i2:.;;,;%£i2'%'{;; r£:;;§'esé:m'j11g aI"10't;'t1.t:r four flats i'»;--:, flit: s}f.1é3:;'<:: {éf °'fi;E'i<*:
Emildefii'. Sea the €011side1'a.1i0i1Rf}:}i*' s{:i}i11¥g;.52% Gf 33.216: site is fem' flats iF€:}§I'€iS{i:'i'§i_§i{;* ~'~§E?i§'3«'o, V .:":§:i§._Zf,}.15€ fem' fiafigs am simatt: in 21 §"€.sid_<i:';.i§ai A.'!:_311:"§l€.ii:i.g. :_ 'I'§'1s:Sé».' :;f:;'u:' 1*eside1":.t,ia.i flats C0nstj1:ui"h ";:é:'~V'3:'_;<<::1<?;é§.*r:::';9fgi1a E: 14_i7ac:1.:i~;§é*"*-3"7«:;i:' the pu1'§3<:>s:*: <31' §§t:<:?:i::)113.3«f§~.' . E°";;'r§'i3,f." :;i':.._;«:;;:a1--:: ' cf pr'<3§:re3't;_v is usad for f€Si{i€i1Cf3.VFV.m4i1€ .;i§:>>i1;i 1'esi€%Tf_é:"1tiai fiats cajmet. "be: COI1Si1'I,i€(i
- V. as f_€;'£1.:' 1fé~.s~i;:£er1ti§é;£ 33911363 far £3531: purpéga of Sfiéiitiflll :34. 1'1'_.i":a:3 3:9' 'L~e<;€§i::_$tr11ad 0111}; as "a residential 1101136" and tha fifitiiiiiffii to thfi b611efi'i: a(:c:(:«:"ci§i1gly. .§3. fi'.;:1 t§:1aV¥: View of 1:113 £11af£i3;er, the 'i'rfibu:t"1al as W63} as '~ f.E1;«:f:VL';-agjpeiiate Z§iLEfi10I'iii}¥' WEFE j11Siifi(3{i in E"10i<§ii1.g t.i12».t ' tEi»:tI'¢ is 110 §.ia,biiit§2 {<3 pa}; (:.apitai gaiii tax as the C356 sqt.1a1'eEj¢ faiis Iliiitiifil' Se::'ti01'1 54% 0f t:i1£t §}."}.€3OII1{f ACE. E31166? aw: rig 59:, séfifi an}; sifiastajliiaé €;f§,2f:'.S*i§£J!I «:3? E.a12x:_