TaxTMI 
TaxTMI 
2015 (8) TMI 212
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....These are the appeals filed by different assessees against the order of CIT(A) for the assessment year 2010-2011, in the matter of order passed u/s.143(3) of the I.T. Act. 2. Similar grounds have been raised in both the appeals, wherein assessee is aggrieved for decline of claim of exemption u/s.54., 3. At the outset, ld. AR placed on record order of the Tribunal in case of Mrs.Prema P. Shah, 10....
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....sidered the decision in the case of Dr. Girish M. Shah, Mrs.Prema P. Shah, Leena P. Shah, wherein it was held that exemption is permissible, even if investment in new residential house is made outside India. 6. On the other hand, ld. AR relied on the decision of Bangalore bench of the Tribunal in the case of Vinay Mishra, 141 ITD 301, wherein it was held that provisions of Section 54F does not su....
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....property) acquired outside India is eligible for exemption u/s.54. However, no contrary decision of Tribunal or Hon‟ble High Court was brought to our notice suggesting that exemption will not be available in case residential house is acquired outside India. 7. The Finance (No.2) Bill, 2014 brought an amendment in Section 54, wherein sub-section (1), for the words "constructed, a residential....
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.... residential house, and the assessee within a period of one year before or two years after the date of transfer, purchases, or within a period of three years after the date of transfer constructs, a residential house, then, the amount of capital gains to the extent invested in the new residential house is not chargeable to tax under section 45 of the Income-tax Act. 9. In view of the above, we ho....