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TMI Blog1996 (3) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... nstance of the assessee and the following question of law has been referred by the Tribunal for answer by this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in denying the assessee exemption under section 54 in regard to surplus realised on the sale of residential property at Jabalpur and invested with the Delhi Development Authority for the acqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer. Ultimately, the Tribunal also upheld the finding of the Income-tax Officer. Hence, the assessee approached the Tribunal for making a reference to this court. Therefore, the Tribunal has referred the aforesaid question of law for answer by this court. We have heard counsel and perused the record. In fact, the Tribunal has taken a very pedantic approach while construing the provisions of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " This clinches the matter and it was not proper for the Tribunal to have ignored the circular because it has a persuasive value and it was in the nature of granting relief. Therefore, the Tribunal should have considered the circular sympathetically and granted the relief. More so, section 54 of the Act of 1961 only says that within two years, the assessee should have constructed the house but th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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