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TMI Blog2020 (2) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. The Tribunal held that the assessee s claim for deduction u/s. 54F should be examined. In the case of Arshia Basith [ 2018 (8) TMI 1359 - ITAT BANGALORE] the Bangalore Bench of the Tribunal held that assessee would be entitled to deduction u/s. 54F of the Act even in respect of property purchased which is located outside India. In the case of assessee the deduction claimed should be examined in the parameters of section 54F of the Act in the light of decision cited before us. The AO is directed to apply the ratio laid down in the aforesaid decision and allow the claim of deduction of assessee in accordance with the law, after affording assessee opportunity of being heard. Appeal of assessee is treated as allowed for statistical purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set sold is a residential asset. With regard to the deduction u/s. 54F of the Act, the AO was of the view that the said deduction is not available to investment of capital gain in purchase of property outside India. The AO therefore computed the capital gain of ₹ 1,89,50,133 on sale of property as follows:- (in Rupees) Sale consideration 2,00,00,000 Less: Expenses 4,35,000 Net Sale Consideration 1,95,65,000 Less: Cost of Acquisition Conversion fee as discussed at para 5.1 Sale Price, Stamp Duty & Registration fee as discussed in para 5.2 - 2,93,000 Indexation 293000 X 852/406 Betterment fee as discussed at para 5.3 NIL 6,14,867 NIL Long term capital gain 1,89,50,133 Less: Exemption u/s. 54F as discussed at para 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.5303/Mum/2017 AY 2013-14, order dated 28.2.2019 and decision of ITAT Bangalore in the case of Mrs. Suma v. ITO, ITA No.568/Bang/2018 for AY 2006-07, order dated 20.7.2018. It was held that deduction u/s. 54F can be considered and allowed even though the assessee has made claim for deduction only u/s. 54 of the Act provided the conditions laid down in section 54F are satisfied. 8. The ld. DR submitted that the issue should be directed to be examined by the AO afresh in the light of decision cited by the ld. counsel for the assessee. 9. We have given a careful consideration to the rival submissions. We find that in the decision rendered in the case of Jai Kumar Gupta HUF (supra) on identical facts the assessee had made a claim for deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te must be construed according to its plain language and neither should anything be added nor subtracted therefrom unless there are adequate grounds to justify the inference that the legislature clearly so intended. It is also well settled that in a taxing statute one has to look merely at what is clearly stated The meaning and extent of the statute must be collected from the plain and unambiguous expression used therein, rather than from any notions which may be entertained by the Court as to what is just or expedient. 10. In the case of TV. Sundaram Iyengar & Sons (P.) Ltd. (supra), their Lordships have held that if the language of the statute is clear and unambiguous, the court cannot discard the plain meaning, even if it leads to an i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee was entitled to the benefit under section 54 of the Act, which does not exclude the right of the assessee to claim property purchased in a foreign country, if all other conditions laid down in the section are satisfied, merely because the property acquired was in a foreign country. 15. Again in the case of Dr. Girish M Shah (supra), the Mumbai Bench of the Tribunal has taken a view by holding that the assessee is entitled for exemption under section 54F of the Act for of house property outside India i.e. in Canada. 16. Having carefully examined various judicial pronouncements and the order of the Id. CIT(A), we find pt in the case of Leena J. Shah v. Assts. (2006) 6 SOT 72 I (Ahd.), the Tribunal has taken a t view that the words &quo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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