PAWAN ARYA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal has been preferred by the Assessee under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, New Delhi dated 17.12.2009 in I.T.A. No. 2416/Del/2008 for the assessment year 2005-06 proposing to raise following substantial questions of law:

(2.) The Assessee claimed exemption on capital gains on sale of flat on the ground of acquisition of two houses. The Assessing Officer set off the capital gain against one of the houses but held the claim not to be admissible against second house. However, the CIT(A) upheld the claim of the Assessee relying upon decision of Bangalore Bench of the Tribunal in D.Anand Basapa v. ITO, 2004 91 ITD 53. The said view has been reversed by the Tribunal as follows:

(3.) We have heard learned Counsel for the Appellant.