TaxTMI 
TaxTMI 
2024 (7) TMI 839
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....d following grounds of appeal: "(I) AS REGARDS ASSESSMENT ORDER BEING TIME BARRED a) That on the facts and circumstances of the case & in law, the assessment order passed by the Learned Assessing Officer (Ld. AO') under Section 147 read with Section 144C (13) of the Income-tax Act, 1961 ('the Act') is invalid, bad in law and liable to be quashed as the same was passed beyond the prescribed time limit specified under the Act. b) That on the facts and circumstances of the case & in law, the assessment order passed by the Ld. A.O. is barred by limitation being in contravention of the provisions of Section 144C (4) of the Act which required Ld. A.O. to mandatorily pass the assessment order within one month....
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.... the Act by issuing a notice u/s 148 of the Act dated 23.06.2021. 4. Following the directions of the Hon'ble Supreme Court in the order dated 04.05.2022 in the lead case of UOI and others v/s Ashish Agarwal in Civil Appeal No. 3005/2022, the assessee was provided opportunity of being heard before passing order u/s 148A(d) of the Act. In response to the notice u/s 148 dated 30.06.2022 the assessee e-filed her return of income on 25.07.2022 and also submitted requisite details in response to the notice u/s 142(1) issued by the AO. During the year under consideration the assessee had sold an immovable property for sale consideration of Rs. 1,97,50,000/-. It was noticed that amount to the tune of Rs. 93,65,640/- had been invested for purchas....
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....ted position that Petitioner has sold his house property in India and invested the sale proceeds in a residential house in USA, out of the capital gain on the sale of the property in India, within the specified period. Petitioner has thus satisfied the conditions stipulated in Section 54(F) of the Act as it stood and was applicable to the relevant Assessment Year. The language of Section 54(F) of the Act before its Amendment was that the assessee should invest capital gain in a residential house. It did not mention any boundary. It is only after the amendment to Section 54(F) of the Act, which amendment came into effect from 1st April 2015, that the condition that the assessee should invest the sale proceeds arising out of a sale of capital....
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....fication does not expand or alter the scope of the original provision. 9. It may also be noted that the amendment stated that the amended provision would come into force with effect from 1st April 2015 and therefore, would apply to future periods only and not prior to the date of amendment. It is well settled position of law that an amendment can be considered to be declaratory and clarificatory only if the statute itself expressly and unequivocally states that it is declaratory and clarificatory provision. If there is no such clear statement, the amendment is not merely a clarification, but a substantive amendment, which shall apply prospectively. In the matter of Virtual Soft Systems Limited v. CIT', the Apex Court has gone f....