COMMISSIONER OF INCOME TAX Vs. V PRADEEP KUMAR

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Madras, 'a' Bench, referred the following question of law at the instance of Revenue, under the direction of this Court in TCP Nos. 77 and 78 of 1998 dated 29. 07. 1998, for opinion of this Court:

(2.) THE facts leading to the above question of law are as under:

(3.) THE learned Standing Counsel appearing for the Revenue submitted that there were no new construction of residential houses by the assessees. It is also brought to notice that there was an enquiry made by the Assessing Officer with the Madras Corporation and found that the assesses applied for approval of the plan for construction on 27. 1 2. 1989. Further the order of approval for the construction was granted on 09. 02. 1990. Further the assessee applied for approval for demolishing the above building on 27. 12. 1989 and the same was granted only on 09. 02. 1990. Enquiry made by the Departmental Inspector as well as the local enquiry, revealed that there was only an old building and no new construction was built at all. Hence there were no new construction by the assessees. Therefore the assessees are not entitled to exemption under Section 54f of the Act.