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TMI Blog2015 (12) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... N. Kumar, J. - The revenue has preferred this appeal against the order passed by the Tribunal granting benefit to the assessee under section 54F of the Income Tax Act, 1961. 2. The assessee is assessed in the status of individual. He filed his return of income for the assessment year 2004-05 on 31.01.2005 declaring an income of Rs. 26,30,067/- which included capital gain of Rs. 21,91,20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even if it is to be held that the assessee is entitled to the benefit of Section 54F of the Act, the fact that he has raised a housing loan for the purpose of construction and he is claiming benefit of deduction of tax paid on housing loan if granted, would result in double benefit and therefore, he submits that the Revisional Authority was justified in invoking its power under Section 263 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence. 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 benefi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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