COMMISSIONER OF INCOME TAX Vs. R L SOOD

JUDGEMENT

(1.) BY this petition under Section 256(2) of the Income -tax Act, 1961 (for short 'the Act'), pertaining to the assessment year 1982 -83, the Revenue seeks a direction to the Income -tax Appellate Tribunal to state the case and refer the following question for the opinion of this court :

(2.) DURING the course of assessment proceedings for the relevant assessment year, the Assessing Officer brought the difference between the sale price of the residential flat sold by the assessed and the cost of acquisition of the said house to tax as capital gains on the ground that the assessed had failed to satisfy the conditions laid down in Section 54(1) of the Act inasmuch as he had failed to purchase the flat within the stipulated period of one year. The assessor's appeal to the Commissioner of Income -tax (Appeals) was unsuccessful.

(3.) WE have heard Mr. Sanjiv Khanna, learned senior standing counsel on behalf of the Revenue.