Allowing the appeal of the assessee the Court held that invested in multiple properties in different locations and in prescribed securities within stipulated time is entitle to exemption. Amendment with effect from 1-4-2015 restricting exemption to “One Residential House in India” is not retrospective. (AY. 2005 -06)
Tilokchand and Sons v. ITO (2019) 413 ITR 189 / 308 CTR 364/ 263 Taxman 713/ 177 DTR 165(Mad) (HC)
S. 54 : Capital gains-Profit on sale of property used for residence–invested in multiple properties in different locations and in prescribed securities within stipulated time-Entitle to exemption- Amendment with effect from 1-4-2015 restricting exemption to “One Residential House in India” is not retrospective. [S. 45]