Sec. 54 relief allowed on sale of house held for less than 3 yrs as it was developed on land, being

IT: Where assessee constructed three storied building on land, in view of fact that building as such was held by assessee for a period of less than 36 months prior to date of transfer whereas land was a long-term capital asset, assessee was entitled to claim benefit of section 54 in respect of both land and building