https://www.taxtmi.com/caselaws?id=781450 ITAT Delhi - AT allowed the appeal. The Tribunal held the AO's assessment under s.144 was justified given nonappearance, but reversed denial of exemption under s.54/s.54F, finding the post-2014 amendment prospective (effective 01.04.2015, AY 2015-16 onwards) and CIT(A) erred treating it as clarificatory; investments in foreign residential property made before 01.04.2015 could not be disallowed retrospectively. The s.68 r.w. s.115BBE additions were deleted, holding cheque deposits not unexplained credits as per prevailing HC/ITAT precedent. Additions deleted and appeal allowed. en-us Wed, 12 Nov 2025 00:00:00 +0530 Sat, 15 Nov 2025 07:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781450 ITAT Delhi - AT allowed the appeal. The Tribunal held the AO's assessment under s.144 was justified given nonappearance, but reversed denial of exemption under s.54/s.54F, finding the post-2014 amendment prospective (effective 01.04.2015, AY 2015-16 onwards) and CIT(A) erred treating it as clarificatory; investments in foreign residential property made before 01.04.2015 could not be disallowed retrospectively. The s.68 r.w. s.115BBE additions were deleted, holding cheque deposits not unexplained credits as per prevailing HC/ITAT precedent. Additions deleted and appeal allowed. Case-Laws Income Tax Wed, 12 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781450