https://www.taxtmi.com/caselaws?id=280734 The Tribunal allowed the appeal, overturning the Commissioner of Income Tax (Appeals)'s decision and granting the assessee exemption under Section 54 of the Income Tax Act for investing in a residential property in Boston, USA. The Tribunal held that the amendment to Section 54 by the Finance Act, 2014, requiring the new house to be in India, was prospective and not applicable to the relevant assessment year. Penalty proceedings under Section 271(1)(c) were dropped. en-us Wed, 23 May 2018 00:00:00 +0530 Sun, 19 May 2019 12:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280734 The Tribunal allowed the appeal, overturning the Commissioner of Income Tax (Appeals)'s decision and granting the assessee exemption under Section 54 of the Income Tax Act for investing in a residential property in Boston, USA. The Tribunal held that the amendment to Section 54 by the Finance Act, 2014, requiring the new house to be in India, was prospective and not applicable to the relevant assessment year. Penalty proceedings under Section 271(1)(c) were dropped. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280734