https://www.taxtmi.com/caselaws?id=298412 The appeal challenged the denial of exemption claimed under section 54 of the Income Tax Act for investing in a residential property in a foreign country. The appellant argued that the amendment restricting the exemption to properties in India did not apply to the assessment year in question. Relying on a Gujarat High Court decision, it was held that investments in residential properties outside India before the 2014 amendment were eligible for deductions. The order was set aside, granting relief to the assessee for the assessment year 2008-09, directing the assessing officer to provide necessary relief in accordance with the law at the time of assessment. en-us Mon, 19 Mar 2018 00:00:00 +0530 Mon, 01 Nov 2021 07:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298412 The appeal challenged the denial of exemption claimed under section 54 of the Income Tax Act for investing in a residential property in a foreign country. The appellant argued that the amendment restricting the exemption to properties in India did not apply to the assessment year in question. Relying on a Gujarat High Court decision, it was held that investments in residential properties outside India before the 2014 amendment were eligible for deductions. The order was set aside, granting relief to the assessee for the assessment year 2008-09, directing the assessing officer to provide necessary relief in accordance with the law at the time of assessment. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298412