2019 (12) TMI 1616

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..... PER N.K. BILLAIYA, ACCOUNTANT MEMBER, This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 10, New Delhi dated 21.03.2016 pertaining to assessment year 2013-14. 2. The solitary of the grievance of the assessee is that the ld. CIT(A) erred in confirming the disallowance of claim of exemption u/s 54/54F of the Income tax Act, 1961 [hereinafter r .....

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..... ncluded by denying the claim of exemption. 5. The assessee carried the matter before the ld. CIT(A) but without any success. 6. While dismissing the claim of the assessee, the ld. CIT(A) placed reliance on the decision of the co-ordinate bench in the case of Leena J. Shah order dated 10.11.2005 7. Before us, the ld. counsel for the assessee vehemently stated that the amendment brought in sectio .....

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..... selling the property situated in India, the assessee has purchased a residential property in Auckland, New Zealand. It is equally true that the amendment has been brought in section 54 vide Finance Act, 2014 w.e.f 01.04.2015. We are of the considered opinion that the Legislature, in its wisdom, has given effect to the amended provision from 01.04.2015 and, therefore, there is no ambiguity as the s .....

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