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2019 (5) TMI 1068

..... nt has been made explicit by inserting the amendment to require to purchase/construction of the residential property in India only with effect from 1st April 2015. As rightly held in LEENA JUGALKISHOR SHAH VERSUS ASSTT. COMMISSIONER OF INCOME TAX. [2016 (12) TMI 351 - GUJARAT HIGH COURT] “prior to amendment to Section 54F of the Act, the only condition stipulated was investment in a resident .....

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..... hatia, Senior Standing Counsel for Revenue. Respondent Through: Mr. Ajay Vohra, Senior Advocate with Mr. Rohit Jain and Mr. Aniket D. Agrawal, Advocates. O R D E R 1. This is an appeal by the Revenue directed against an order dated 23rd May 2018 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No. 4159/DEL/2016 for the Assessment Year 2013-14. The question is ought to be urged by the Re .....

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..... nt of ₹ 3,43,22,345/- was declared as long term capital gains. 4. The Assessing Officer took the view that the Assessee s claim for exemption under Section 54 of the Act was outside the purview of Section 54 read with Section 54F of the Act since the residential property purchased from the capital gains was located outside India. After the Commissioner of Income Tax (Appeals) confirmed the a .....

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..... 3C) (vi) of the Act should be extended to an Assessee who is imparting education in India, despite there being no expenses provision in that regard. 6. The context in which Section 10 (23C) (vi) of the Act allows an exemption and the context in which an exemption from capital gains is allowed under Section 54F is entirely different. Further the Court finds that the legislative intent has been made .....

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