TMI Blog2015 (12) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... property, he had borrowed housing loan and started construction on the site belonging to him. After the sale, the amount spent towards construction of the house is more than the consideration received by the sale of agricultural land and therefore, he is entitled to the benefit of Section 54F of the Act. Therefore, we do not see any infirmity in the order passed by the Tribunal which calls for interference. However, argument of the learned counsel for the revenue that without fully investing the money which he received as a consideration from the sale, he has completed the construction and he is claiming benefit of deduction of tax paid towards housing loan which would amount to double benefit. That is the question which is to be consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the Assessing Authority is erroneous and prejudicial to the interest of the revenue. After hearing the assessee, he set-aside the order passed by the Assessing Authority and directed the Assessing Authority to make a fresh assessment taking into consideration the housing loan. Aggrieved by the said order the assessee preferred an appeal to the Tribunal. The Tribunal by the impugned order held that the benefit extended to the assessee was strictly in conformity with Section 54F of the Act. There is no scope for the different interpretation as sought to be made out by the Revisional Authority and therefore, he allowed the appeal setting aside the order passed by the Revisional Authority. Aggrieved by the said order, the revenue is in app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received by the sale of agricultural land and therefore, he is entitled to the benefit of Section 54F of the Act. 7. Therefore, we do not see any infirmity in the order passed by the Tribunal which calls for interference. However, argument of the learned counsel for the revenue that without fully investing the money which he received as a consideration from the sale, he has completed the construction and he is claiming benefit of deduction of tax paid towards housing loan which would amount to double benefit. That is the question which is to be considered, if they arise and not at the time of granting benefit under Section 54F is available or not. Accordingly, the substantial question of law is answered in favour of the assessee and aga ..... X X X X Extracts X X X X X X X X Extracts X X X X
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