Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1206 - AT - Income TaxDeduction u/s 54 for investment of capital gain in purchase of new residential house in Panama - allowing the shifting of tax base of India to foreign country, whereas provisions of Income Tax act extends to India only and not extra territorial - assessee is a NRI and resides in Taiwan - HELD THAT:- We find that the specific provision of section 54 as it is stood prior to the amendment was examined by the tribunal. It was held that the investment abroad satisfies the requirement of provisions of section 54. No contrary decision has been produced before us. We also note that the Hon’ble Delhi High Court in the case of Honda Siel Power Products Ltd. vs. Deputy Commissioner of Income-tax [2011 (2) TMI 1184 - DELHI HIGH COURT] has expounded that non consideration of a coordinate bench order of the Tribunal will result in the tribunal order suffering from mistake apparent from the record. Accordingly in the background of the aforesaid discussion and precedent, we do not find any infirmity in the order of the ld. CIT(A). - Decided against revenue
|