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2014 (7) TMI 1279 - AT - Income TaxAddition u/s 54F - investment in respect of residential property has been made by the assessee outside India - Held that:- We find that except in the case of Leena J. Shah vs. ACIT [2005 (11) TMI 386 - ITAT AHMEDABAD] the Tribunal has taken a consistent view that the words “in India” cannot be inserted in section 54F of the Act and as per plain reading of section 54F of the Act, the sale proceeds of capital asset shall be invested in residential house in India or outside India. We, accordingly, following the judgment of the Hon'ble Apex Court in the case of CIT vs. Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME COURT] hold that the view favourable to the assessee taken by various Benches of the Tribunal should be followed and accordingly following the same, we hold that the assessee is entitled for exemption under section 54F. We, therefore, do not find any infirmity in the order of the ld. CIT(A), who has rightly adjudicated the issue in the light of the ratio laid down by the Tribunal in a number of cases. Accordingly, the order of the ld. CIT(A) is confirmed and the appeal of the Revenue is dismissed.
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