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2017 (4) TMI 1440 - AT - Income TaxExemption u/s 54 - residential house is purchased or constructed by the assessee outside India - scope of amendment to act - HELD THAT:- A similar situation, though in the context of section 54F of the Act, has been considered in the case of Smt.Leena J. Shah [2016 (12) TMI 351 - GUJARAT HIGH COURT] ; notably, so far as the impugned issue is concerned, the requirement of sections 54F & 54F of the Act is pari-materia, inter-alia, requiring the assessee to make investment in a new residential house in order to avail the exemption on the capital gains earned. As per the Hon'ble High Court, prior to the amendment the only stipulation was to invest in a new residential property and that there was no scope for importing the requirement of making such investment in a residential property located in India. On similar analogy, in the present case too, we do not have any reason to uphold the stand of the Assessing Officer that the exemption under Section 54 of the Act is to be allowed only if the investment is made in residential property in India. - Decided against revenue.
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