| COURT: | ITAT Bangalore |
| CORAM: | B. R. Baskaran (AM), N. V. Vasudevan (JM) |
| SECTION(S): | 54F |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, exemption, new residential house |
| COUNSEL: | B. S. Balachandran |
| DATE: | January 10, 2020 (Date of pronouncement) |
| DATE: | January 18, 2020 (Date of publication) |
| AY: | 2013-14 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 54F: The words "in India" cannot be read into section 54F when Parliament in its legislative wisdom has deliberately not used the words. The assessee is entitled to exemption under section 54F of the Act though he has acquired house property in a foreign country. The amendment to s. 54F by the Finance Act, 2014 w.e.f. 2015 is applicable only prospectively (all imp verdicts considered) | |
Unless there is an ambiguity, it would not be open to the Court to depart from the normal rule of construction which is that the intention of the legislature should be primarily to gather from the words which are used. It is only when the words used are ambiguous that they would stand to be examined and considered on surrounding circumstances and constitutionally proposed practices
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