2015 (8) TMI 463

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.... Counsel for Income-tax, for the appellant Y. Ratnakar, Advocate, for the respondent JUDGMENT Kalyan Jyoti Sengupta C. J.- This appeal is sought to be preferred against a portion of the impugned judgment and order of the learned Tribunal dated May 4, 2012, in relation to the assessment year 2007-08, on the following suggested question of law : "(1) Whether the Income-tax Appel....

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.... the plot and the construction thereon have to be completed within the period specified in section 54/54F of the Act ?" 2. In sum and substance, the Revenue has questioned allowing of benefit under section 54 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") 3. We have heard Sri J. V. Prasad, learned counsel for the appellant- Revenue, and gone through the impugned judgment ....

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....as invested the entire net consideration, it has to be inferred that the assessee has complied with the conditions provided under section 54 of the Act. In our con sidered view, as the assessee has acquired substantial domain over new house and has made substantial payment towards cost of land and construction, within a period of specified under section 54 of the Act, the assessee said to have com....