AKIL KURESHI, J.

1. This Tax Appeal filed by the assessee was admitted for consideration of the following substantial question of law;

“Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the appellant would not be entitled to benefit of deduction under section 54F of the Income Tax Act, 1961 since the construction of the flats for personal use was completed before the sale of the capital asset ?”

2. The facts, being peculiar, we may notice them at the outset. The appellant-assessee is an individual. The appeal arises out of the assessee’s Return for the A.Y. 2009-10. The assessee owned land with a bunglow on such land. The assessee demolished the bunglow to construct 08 flats on the land, some of which would be occupied by her for her own residence. The rest she intended to sell. The assessee retained 04 flats for her own use. The remaining 04 were meant for sale. The details of the names of buyers of these flats, dates of agreements to sale, dates of sale deeds and details of payments received by the ass