( 1 ) AT the instance of the revenue, the Income Tax Appellate Tribunal Ahmedabad Bench b has referred to this Court the following question of law arising out of its order dated 4/10/1983 passed in I. T. A. No. 471/ahd/1982 under the provisions of sec. 256 (1) of the Income-tax Act, 1961 (hereinafter referred to as the Act ). "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the assessee is entitled to the benefit of exemption under section 54 of the Income-tax Act, 1961?"

( 2 ) THE relevant facts pertaining to the case are as under:-

( 3 ) THE respondent-assessee had purchased a house property for Rs. 14,999. The said amount was paid from cash gift of Rs. 15701 which was received by her from her husband on the same day. The said house property was sold during the relevant assessment year for a sum of Rs. 84,999. From the sale proceeds, on 16. 3. 77, the assessee had purchased 15% share in another house property which was owned by her husband and her son. The respondent-assessee claimed exemption under the provisions of sec. 54 of the Act in respect of capital gain which was used for the purpose of purchase of