2025 (11) TMI 918

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....the appeal before it against the order dated 30.12.2016 passed u/s 144 of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the ITO, Ward 67(2), Delhi (hereinafter referred to as the Ld. AO). 2. Heard and perused the records. The Appellant is a 70 years old individual, retired from Indian Overseas Bank. In October 2013, the Appellant sold a residential flat in Delhi for a sale consideration of Rs. 70,00,000, which was originally purchased in August 2004. The sale procceds after indexation resulted in a capital gain of Rs. 54,35,000/-. In March 2014, the Appellant purchased a new residential property in Australia for a consideration of $5,50,000 as after retirement the Appellant has been residing in Australia since November ....

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.... b) Section 68 r.w. section 115BBE - The Appellant did not furnish any evidence in form of sale receipts or confirmations from persons/ parties to whom such items were sold. Mere filing of affidavits is not sufficient. 5. At outset it can be observed that assessment is competed under section 144 of the Act though the notices were sent on the Indian address. Thus there is justification to accept assessee could not appear in assessment. Now as far as denial of benefit u/s 54 of the Act is concerned, we find ld. CIT(A) has fallen in error to hold amendment is clarificatory. The CBDT Circular No. 01/2015 dated 21 January 2015 has clearly provided that the amendment in section 54 of the Act is effective from 1st April 2015 and will apply ....

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...., the investment in a residential house was made in USA prior to 01.04.2015, whereas, the requirement of making an investment in a residential house, which was incorporated by way of amendment, came into force w.e.f. 01.04.2015. In the light of aforesaid well settled legal principles as well as the memorandum of objects of Finance Act, 2014, which clearly provide that amendments will take effect from 01.04.2015 and will apply to Assessment year 2015-16 onwards as well as the CBDT's Circular dated 21.01.2015, it is evident that amendment incorporated in Section 54F(1) of the is prospective in nature. Similar view has been taken in 'Leena Jugalkishor Shah (supra), 'Dipankar Mohan Ghosh (supra) and Anurag Pandit (supra). We concur ....