9911796707
TMI Blog2018 (9) TMI 873X X X X Extracts X X X X X X X X Extracts X X X X ..... rty before the aforesaid deduction could be claimed by the assessee. The stated amendment, in our opinion, being substantive in nature, was only prospective in nature and was not applicable for the assessee at the relevant point of time, the AY being 2012-13. Prior to the aforesaid amendment, in our view, there was no bar for the taxpayer making investments outside India in residential house property to get the benefit of deduction u/s. 54 provided other conditions are fulfilled. As decided in Leena Jugalkishor Shah Vs. ACIT [2016 (12) TMI 351 - GUJARAT HIGH COURT] prior to the amendment the only stipulation was to invest in a new residential property and there was no scope for importing the requirement of making such investment in a res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g. 2. The CIT(A) erred in not following the decisions of jurisdictional tribunal which are favour of the Appellant, but chose to follow the decision in case of the order of the Ahmedabad Tribunal and Jurisdictional Tribunal where the issue involved is was with respect to section 54F and not section 54. The assessment for impugned AY was framed by Ld. Income Tax Officer (International Taxation)-3(1)(1), Mumbai [AO] u/s 143(3) of the Income Tax Act, 1961 on 30/03/2015 wherein the income of the assessee has been assessed at ₹ 418.33 Lacs after denial of deduction u/s 54 as against returned income of ₹ 6.64 Lacs e-filed by the assessee on 16/06/2012. As evident from ground, the subject matter of this appeal is denial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontra, Ld. Departmental Representative [DR], Ms. Pooja Swaroop submitted that if such deductions are allowed, the whole purpose of introducing incentive provisions would get defeated. 5. At the outset, we deem it fit to reproduce relevant statutory provisions as contained in Section 54, as they stood at the relevant time:- Profit on sale of property used for residence. 54. ( 1)Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head Income from house pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered in Leena J.Shah as relied upon by the lower authorities is concerned, we find that the aforesaid decision has already been reversed by Hon ble Gujarat High Court vide Leena Jugalkishor Shah Vs. ACIT [72 Taxmann.com 185 14/06/2016] and therefore, the same could not help revenue in any manner. As per Hon ble court, prior to the amendment the only stipulation was to invest in a new residential property and there was no scope for importing the requirement of making such investment in a residential property located in India. We find that the stipulations as to investment, in Section 54 54F are pari-materia the same. 7. The revenue has not disputed that fact that the investment in Hong Kong has been made by the assessee in a res ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
