https://www.taxtmi.com/caselaws?id=280730 The Tribunal upheld the CIT(A)'s decision allowing exemption under section 54 of the Income Tax Act for an investment made outside India, clarifying that the requirement to invest in India was inserted in 2014 and not applicable for the relevant assessment year. The Tribunal emphasized that prior to the 2014 amendment, the law only mandated investment in a residential property without specifying the location, and compared decisions by different Tribunals and High Courts to support its interpretation. The Revenue's appeal was dismissed, and the assessee's cross objection was not pressed during the hearing. en-us Wed, 26 Apr 2017 00:00:00 +0530 Sun, 19 May 2019 12:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280730 The Tribunal upheld the CIT(A)'s decision allowing exemption under section 54 of the Income Tax Act for an investment made outside India, clarifying that the requirement to invest in India was inserted in 2014 and not applicable for the relevant assessment year. The Tribunal emphasized that prior to the 2014 amendment, the law only mandated investment in a residential property without specifying the location, and compared decisions by different Tribunals and High Courts to support its interpretation. The Revenue's appeal was dismissed, and the assessee's cross objection was not pressed during the hearing. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280730