TMI Blog2021 (4) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... USA (foreign country) prior to 01.04.2015 and would be entitled to claim exemption under Section 54F in respect of investment made in a house property in USA (foreign country). In the light of the judgment delivered by Division Bench of this Court, as the controversy involved has already been adjudicated, the questions of law are answered against the revenue and in favour of the assessee. - I.T.A. NO.601 OF 2019 - - - Dated:- 5-3-2021 - HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA AND HON'BLE MR. JUSTICE SURAJ GOVINDARAJ APPELLANTS (BY SRI. K.V. ARAVIND, ADVOCATE-PH) RESPONDENT (BY SRI. BHARADWAJ SHESHADRI, ADVOCATE-PH) JUDGMENT SATISH CHANDRA SHARMA. J., 1. The present appeal is arising out of the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This Court after hearing the learned counsel for the parties has framed the following substantial questions of law: 1. Whether, on the facts and circumstances of the case and in law, the Tribunal is right in law in setting aside the disallowance made under section 54F of the act even though the assessee has not fulfilled the conditions set out in the said section to avail benefit under the said provision as the assessee has invested in property outside India which cannot be said that assesse has satisfied the conditions set out in the said section? 2. Whether, on the facts and in the circumstances to the case, the order passed by the Tribunal can be said as perverse in nature since the Tribunal has relied upon amended provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or [two years] after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- Post 01.04.2015 54F(1) Subject to the provisions of sub- Section (4) where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ight or create a new liability or obligation unless that effect cannot be avoided without doing violence to the language of the enactment. If the enactment is expressed in language which is fairly capable of either interpretation, it ought to be construed as prospective only. The aforesaid principle was quoted with approval by the Supreme Court in 'Vatika Township P. Ltd.', supra. It is a cardinal principal of law that law to be applied is that in force in the Assessment year, unless otherwise provided expressly or by necessary implication. [See: 'Reliance Jute Industries Ltd. vs. Commissioner of Income Tax', AIR 1980 SC 251 ]. The aforesaid view was quoted with approval in 'CIT vs. Sarkar Builders', (2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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