COMMISSIONER OF INCOME TAX Vs. V.R. KARPAGAM

JUDGEMENT

(1.) This Tax Case (Appeal) is filed by the Revenue as against the Income Tax Appellate Tribunal for the assessment year 2007-08 raising the following substantial questions of law:

(2.) The brief facts are as follows:

(3.) Before the Assessing Officer, two issues were raised, one on the value of the built-up area of the five flats and the other was whether the assessee would be entitled to the benefit of Section 54F of the Income Tax Act in respect of the five flats. The Assessing Officer granted the benefit of capital gains in respect of one flat and that too on the higher extent with regard to the floor space, viz., 2413.36 sq.ft.. Aggrieved by the same, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals).