Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 1300 - AT - Income TaxLTCG - Deduction u/s. 54 - scope of amendment - "one" versus "a" - investment of capital gain into more than one residential units - HELD THAT:- It is a fact that section 54 has been amended by Finance Act (2) 2014 w.e.f. 01.04.2015 applicable from 2015-16 onwards, wherein the legislature amended the word “one” residential house in place of “a” residential and the said amendment is applicable to the instant case as well. Commissioner though referred the latest provisions of section 54 of the Act, however without giving any definite finding qua applicability of the latest provisions of section 54 as applicable to the case in hand, decided the appeal of the Assessee, while referringsome decisions which admittedly pertains to period prior to amended provisions of section 54 of the Act, as applicable to AY 2015-16 involved in this case. Hence, in our considered view, substantial justice would be met by setting aside the impugned order and remanding the case to the file of Commissioner to decide the issue involved de nova in its right perspective, while taking into consideration the provisions of section 54 as amended by Finance Act 2014 and applicable to AY 2015-16 which is relevant in this case.
|