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TMI Blog2019 (5) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... struction of the residential property in India only with effect from 1st April 2015. As rightly held in LEENA JUGALKISHOR SHAH VERSUS ASSTT. COMMISSIONER OF INCOME TAX. [ 2016 (12) TMI 351 - GUJARAT HIGH COURT] prior to amendment to Section 54F of the Act, the only condition stipulated was investment in a residential house. When the Section 54F of the Income-tax Act was clear and unambiguous, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent Through: Mr. Ajay Vohra, Senior Advocate with Mr. Rohit Jain and Mr. Aniket D. Agrawal, Advocates. O R D E R 1. This is an appeal by the Revenue directed against an order dated 23rd May 2018 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No. 4159/DEL/2016 for the Assessment Year 2013-14. The question is ought to be urged by the Revenue is whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount of ₹ 3,43,22,345/- was declared as long term capital gains. 4. The Assessing Officer took the view that the Assessee s claim for exemption under Section 54 of the Act was outside the purview of Section 54 read with Section 54F of the Act since the residential property purchased from the capital gains was located outside India. After the Commissioner of Income Tax (Appeals) con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under Section 10 (23C) (vi) of the Act should be extended to an Assessee who is imparting education in India, despite there being no expenses provision in that regard. 6. The context in which Section 10 (23C) (vi) of the Act allows an exemption and the context in which an exemption from capital gains is allowed under Section 54F is entirely different. Further the Court finds tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Gujarat High Court has been accepted by the Department, as is noted by the Authority for Advance Ruling in paragraphs 10.4 of its decision in Dipankar Mohan Gupta, In re AAR 2018 401 ITR 129 (AAR). 8. In that view of the matter, the Court finds that the ITAT has committed no legal error in allowing the appeal of the Assessee. 9. No substantial question of law arises. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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