https://www.taxtmi.com/caselaws?id=35894 The court held that the Income-tax Officer (ITO) did not have the power to invoke section 155(8) to amend the assessment order, clarifying that section 154 should not apply in its full force. The Tribunal's interpretation was deemed incorrect as the conditions of section 54 were fulfilled. Additionally, the Tribunal was not justified in applying section 154 in its totality, as it only applies if the conditions of section 155(8) are met. The court emphasized that the appellant was entitled to the deduction under section 54 for both purchase and construction costs, providing relief for acquiring a new residential house. The court ruled in favor of the assessee, ordering each party to bear their own costs. en-us Wed, 06 May 1981 00:00:00 +0530 Wed, 17 Mar 2010 16:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35894 The court held that the Income-tax Officer (ITO) did not have the power to invoke section 155(8) to amend the assessment order, clarifying that section 154 should not apply in its full force. The Tribunal's interpretation was deemed incorrect as the conditions of section 54 were fulfilled. Additionally, the Tribunal was not justified in applying section 154 in its totality, as it only applies if the conditions of section 155(8) are met. The court emphasized that the appellant was entitled to the deduction under section 54 for both purchase and construction costs, providing relief for acquiring a new residential house. The court ruled in favor of the assessee, ordering each party to bear their own costs. Case-Laws Income Tax Wed, 06 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35894