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2021 (3) TMI 224 - AT - Income TaxDeduction u/s 54 - mandation of investment made in one residential house - scope of amendment of Section 54( 1) - as per revenue since here the assessee has purchased two different flats on two different dates and, therefore, assessee is not entitled to the deduction u/s 54 in respect of the second flat - HELD THAT:- Deduction u/s 54 is restricted to only one residential house by the Finance Act 2014 is prospective in nature and is effective from assessment year 2015-16 and not retrospective in nature and that deduction u/s 54 of the Act in respect of investment made in one residential house can be claimed by the assessee. In this view of the matter we set aside the order of the Ld. CIT(A) and the grounds raised by the assessee are allowed.
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