JEETENDRA CHANDRAKANT NAYAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOM TAX(OSD), NAGPUR

In the result, the appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

127 (Mumbai-Trib.) 8. The revenue has placed heavy reliance on the decision of the Karnataka High Court in the case of M.J.Siwani (supra) where the Hon’ble High Court has held that in terms of provisions of section 54F, where assessee on the date of sale of long term capital asset owns a residential house even jointly with another