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Commissioner Of Income-Tax vs J.R. Subramanya Bhat on 9 June, 1986

During the proceedings u/s 263 before the Pr. CIT, the AR of the assessee submitted that the appellant had purchased the residential property on 02.04.1990 and sold the same on 09.11.2012, hence the period of holding is 22 years, which is a long term capital asset and income earned on sale of said flat is long term capital gains. It was stated that the assessee had sold a residential flat in which they were residing Tahnee Heights Co-operative Society Ltd., Petit Hall, Napean Sea Road, Mumbai. Further the assessee sold the said residential flat on 09.11.2012 and construction of the new residential flat were completed on 7th July, within a period of 3 years from the date of transfer. Reliance was placed by the AR on the decision in CIT v. Smt. Beena K. Jain (1996) 217 ITR 263 (Bom), CIT v. Subramanyam Bhat (1987) 165 ITR 571 (Karn.
Karnataka High Court Cites 3 - Cited by 63 - Full Document
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