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2019 (12) TMI 1616 - AT - Income TaxDisallowance of claim of exemption u/s 54/54F - HELD THAT:- The undisputed fact is that by selling the property situated in India, the assessee has purchased a residential property in Auckland, New Zealand. It is equally true that the amendment has been brought in section 54 vide Finance Act, 2014 w.e.f 01.04.2015. We are of the considered opinion that the Legislature, in its wisdom, has given effect to the amended provision from 01.04.2015 and, therefore, there is no ambiguity as the said provisions are effective from A.Y 2015-16. Similar view was taken by the Authority for Advance Rulings, New Delhi in the case of Dipankar Mohan Ghosh [2018 (1) TMI 947 - AUTHORITY FOR ADVANCE RULINGS, NEW DELHI]. Moreover, we find that the decision heavily relied upon by the first appellate authority has been reversed by the Hon'ble High Court of Gujarat [2016 (12) TMI 351 - GUJARAT HIGH COURT]. We find that the Hon'ble High Court has held “We are of the opinion that benefit of section 54F before its amendment can be extended to a residential house purchased outside India” - Appeal of assessee allowed.
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