{"id":41128,"date":"2024-04-02T10:16:22","date_gmt":"2024-04-02T04:46:22","guid":{"rendered":"https:\/\/itatonline.org\/digest\/maries-joseph-smt-v-dy-cit-it-2023101-itr-629-cochin-trib\/"},"modified":"2024-05-30T11:22:04","modified_gmt":"2024-05-30T05:52:04","slug":"maries-joseph-smt-v-dy-cit-it-2023101-itr-629-cochin-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/maries-joseph-smt-v-dy-cit-it-2023101-itr-629-cochin-trib\/","title":{"rendered":"Maries Joseph (Smt.) v. Dy. CIT (IT) (2023)101 ITR 629\/\/199 ITD 631 \/  221 TTJ 607   (Cochin) (Trib)"},"content":{"rendered":"<p>Held, that a proviso must be construed harmoniously with the main statute so as to give effect to the legislative objective. Section\u00a054F\u00a0should be read as a whole inclusive of the proviso in such manner that they mutually throw light on each other and result in a harmonious construction. The legislative intent behind granting relief to the assessee through section 54F was to incentivise investments in residential house in India. Therefore, the proviso imposing the conditions could not be read in isolation and should be construed harmoniously with the main section. The proviso to section\u00a054F\u00a0which contains the condition that the exemption is not available if the assessee owns more than one residential house, other than the new asset, should be interpreted to mean ownership of residential houses in India. Therefore, the ground on which the exemption under section\u00a054F\u00a0was denied was not tenable. The assessee was entitled to claim exemption under section\u00a054F\u00a0for investments made in India in one residential house within the time limit stipulated under that section. <em>(<\/em>AY. 2015-16).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 54F : Capital gains-Investment in a residential house-Exemption-Sale of immoveable property and purchase of a residential house-Harmonious construction-Proviso cannot be construe to defeat intent-Restriction on ownership-Houses outside of India cannot be considered.[S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-41128","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aHm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=41128"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41128\/revisions"}],"predecessor-version":[{"id":43129,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41128\/revisions\/43129"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}