ASHA GEORGE Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Appellant returned nil income for the assessment year 2005- 2006. Acting on information that the assessee had transacted a property on 05.11.2004, the assessment was reopened. Appellant had 1/4th share in 1.10 acres of land in Ayyanthole Village. The same was sold for Rs. .44 lakhs on 14.11.2004. The assessee received Rs. .11 lakhs as her share. In her return, she computed her capital gain at nil after claiming indexation on cost of acquisition and cost of improvement and further claiming exemption under Section 54F of the Income Tax Act (hereinafter referred to as the Act) on the basis of a property purchased at Koothattukulam, a farm house with 1.92 acres of land for Rs. .11 lakhs on 28.3.2005.

(2.) The following substantial questions of law have been raised in the Appeal Memorandum:

(3.) We heard Shri G. Sarangan, learned senior counsel for the appellant and also Shri Jose Joseph, learned counsel appearing for the Department.