https://www.taxtmi.com/caselaws?id=375579 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision in favor of the assessee. It was held that investments made abroad, such as in Panama, qualified for exemption under section 54 of the Income Tax Act for the assessment year in question. The Tribunal emphasized that prior to the 2014-15 amendment, the scope of the exemption was not limited to investments in India, and the specific provisions of section 54 allowed for investments made abroad to meet the requirements for claiming exemptions. en-us Mon, 18 Feb 2019 00:00:00 +0530 Thu, 21 Feb 2019 06:23:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375579 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision in favor of the assessee. It was held that investments made abroad, such as in Panama, qualified for exemption under section 54 of the Income Tax Act for the assessment year in question. The Tribunal emphasized that prior to the 2014-15 amendment, the scope of the exemption was not limited to investments in India, and the specific provisions of section 54 allowed for investments made abroad to meet the requirements for claiming exemptions. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375579