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2022 (10) TMI 940 - AT - Income TaxDeduction u/s. 54F - Disallowance of claim on the reason as assessee earned only one residential house - scope of Amendment in the provisions of s. 54(1) - HELD THAT:- Assessee first of all stated that Plot No.6 at Ganesh Nagar is a vacant plot and not a house. He stated that the entire revenue records proved it that this is a plot, but he stated that the amendment brought in by the Finance (No.2) Act, 2014 in s. 54(1) of the Act by which words “a residential house” were replaced by “one residential house” was applicable from A.Y 2014-15 and assessee can claim reinvestment exemption from multiple units. Assessee stated that this issue is decided in the case of CIT vs. Gunmanmal Jain [2017 (3) TMI 394 - MADRAS HIGH COURT] wherein it was held that amendment was made to s. 54F of the Act with regard to word “a” by Finance (No.2) Act, 2014 with effect only from 01.04.2015 withdrawing deduction for more than one flat (residential house). Prior to said amendment, a residential house would multiple flats/residential units. We are of the view that the amendment in the provisions of s. 54(1) replacing the word “a residential house” by “one residential house” was brought in Finance (No.2) Act, 2014 w.e.f 01.04.2014 and will apply for A.Y 2015-16. The relevant assessment year before us is 2013-14 and hence, the assessee is eligible for claim of deduction u/s. 54F though there may be multiple units. Accordingly, the appeal of the Revenue is dismissed.
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