2001 (5) TMI 133

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....nd are being disposed of by this common order. 2. The assessee in all these cases claimed deduction under s. 54F, inter alia, on the ground that sale proceeds of the long-term capital assets sold by them have partly been utilized for investment in residential house. The AO denied grant of said deduction under s. 54F on the ground that all these assessees were owners of 1/8th share or property N....

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...., qualifies for grant of deduction under s. 54F. The AO did not accept this contention and refused to grant deduction under s. 54F. 3. The learned CIT(A) confirmed the action of the AO. 4. Shri M.K. Patel, learned counsel appeared on behalf of all these assessee and brought to our notice a decision of Tribunal, Bombay "E" Bench in the case of Smt. Kalwanti D. Alerja vs. ITO (1996) 54 TTJ (Bo....

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....h deduction under s. 54F can be denied to the assessee. Sec. 54F was inserted in the statute with an intent to provide incentive to the house building activity. In a welfare state it is necessary to see that citizens get proper shelter. To facilitate the task the section was enacted. It is a benevolent provision, therefore, should not be constructed too technically. Take an example, X constructs a....