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2021 (11) TMI 91 - AT - Income TaxDeductions u/s. 54 - assessee had purchased the house outside India - Scope of amended provisions - HELD THAT:- CIT(A) has allowed the deductions u/s. 54 of the Act basically holding that the amended provisions have no retrospective application as the claim of the assessee pertains to the assessment year 2013-14, whereas, the amendment was made applicable w.e.f. 01.04.2015. As pointed out by the ld. counsel, the ld. CIT(A) has decided the issue involved in the present case by following the judgement of the Hon'ble Gujarat High Court in the case of Leena Jugal Kishore Shah [2016 (12) TMI 351 - GUJARAT HIGH COURT] and case of Shri Jaswinder Singh Lota [2018 (3) TMI 1942 - ITAT CHANDIGARH]. Peculiar facts of the present case the claim of the assessee has to be allowed. It is seen that the amendment by the Finance Act of 2014 in section 54F comes into effect only from 01/04/2015. Thus, from the said date the benefit of deduction under section 54F for investments made outside India undisputedly can be denied as it can be said to be limited to the investment in residential house property made only within India. However, prior to the said date when the amendment kicks in, there is no statutory bar for the taxpayer to make investments outside India in residential house property in order to get the benefit of deductions 54F provided other conditions were fulfilled. Thus, since the assessment year under consideration is prior to the amendment of section 54F by the Finance Act, 2014 the law as on date stands that the claim of the assessee has to be allowed. - Decided in favour of assessee.
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