Dismissing the appeal of the revenue the Tribunal held that; though new asset purchased within prescribed period had been let out would still be entitled to claim deduction . The amendment to proviso to S. 54F made by Finance Act, 2000 as clarified by Circular No.794, dt.9-8-2000 ( 2000) 245 ITR 121 (St) which is the Explanatory Note to Finance Act, 2000. (AY.2013 -14)
ACIT v. Ishita Mohatta (Mrs.) (2019) 174 ITD 407 (Kol.)(Trib.)
S. 54F : Capital gains – Investment in a residential house – Though new asset purchased within prescribed period had been let out would still be entitled to claim deduction. [S. 45]