TMI Blog2008 (6) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in holding that the assessees are entitled for exemption under Section 54F – revenue appeals fail and the same are dismissed - 354 and 355 of 2008, 355 of 2008 & 1 of 2008 - - - Dated:- 17-6-2008 - K. RAVIRAJA PANDIAN and P. P. S. JANARTHANA RAJA JJ. J. Naresh Kumar for the Appellant. JUDGMENT The Judgment of the Court was delivered by K. RAVIRAJA PANDIAN, J - 1. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the department preferred appeals before the Income Tax Appellate Tribunal and the Tribunal has confirmed the order of the Commissioner and dismissed the appeals. The correctness of the said orders is now canvassed in these appeals by formulating the following questions of law:- "1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... large sums of money in the construction of the house. The cost of investment in land and the cost of expenditure towards the construction of the houses is not in dispute. The one and only ground on which the Assessing Officer has non suited the assessees for the claim of exemption was that the houses have not been completed. There remains some more construction to be made. 4. The requireme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision has been complied with by the assessees and that was reconfirmed by the Tribunal in the orders impugned. 5. In the second question of law formulated, a reference is made to the Board Circular No.667 dated 18.10.1993. ([1993] 204 ITR (st.) 103) On a reading of the circular, we are of the view that the Circular would not in any way advance the case of the revenue to come to the conclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax reported in [2001] 251 ITD 259, relied on by the revenue in their favour to non suit the assessees for exemption. In our view the Tribunal has distinguished the same rightly because in the cited case, there was a factual finding by the authorities that the assessee himself has admitted that the construction put up was only a garage and service quarters and it was not fit enough for occupa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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