Assessee sold residential house property and invested the proceeds to buy two properties at different locations to claim exemption under section 54. Assessing officer allowed exemption with respect to only one house property. On appeal, the CIT(A) upheld the disallowance made by the AO. On further appeal, the Hon’ble Tribunal relying on the decision of the Hon’ble Madras High Court in the case of Tilokchand & Sons v. ITO (.) 413 ITR 189(Mad)(HC), adjudicated the matter in favor of the assessee held that since amendment to provision of section 54 restricting deduction allowed under section 54 to only one residential property was applicable prospectively from 1 April 2015, exemption claimed by assessee under section 54 during assessment year 2013-14 would not fall within ambit of amended provision. Accordingly, assessee was entitled to benefit of exemption under section 54 to extent of value of two residential house properties and not just one. (AY. 2013-14).