M.S.AMARESAN ,CHENNAI vs. ACIT NON CORPORATE CIRCLE 7(1) , CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Duvvuru Rl Reddy & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.1930/Chny/2017 (िनधा"रणवष" / Assessment Year: 2013-14) Mr. M.S.Amaresan Vs The Assistant Commissioner Of S-101, 4Th Main Road, Income Tax , Anna Nagar, Non-Corporate Circle-7(1) Chennai. Chennai-600040. Pan : Aafpa 2740N (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओरसे/ Appellant By Mr. N.Arunraj, Ca For Mr.S.Sridhar, Advocate : Mr. Suresh Periasamy,Jcit ""यथ" क" ओरसे/Respondent By सुनवाई क" तारीख/Date Of Hearing : 14.12.2020 घोषणा क"तारीख /Date Of Pronouncement : 23. 12.2020 आदेश / O R D E R Per G.Manjunatha: This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-7, Chennai Dated 20.06.2017 & Pertains To The Assessment Year 2013-14. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. The Order Of The Commissioner Of Income Tax (Appeals) 7, Chennai Dated 20.06.2017 In I.T.A.No.24/Cit(A)6/2016-17 For The Above Mentioned Assessment Year Is Contrary To Law, Facts & In The Circumstances Of The Case. 2. The Cit (Appeals) Erred In Sustaining The Partial Reworking Of The Claim For Tax Exemption U/S 54F Of The Act In The Computation Of Long Term Capital Gains Without Assigning Proper Reasons & Justification. 3. The Cit (Appeals) Failed To Appreciate That The Misconstruction Of Section 54F Of The Act Would Vitiate The Decision Rendered In Para 4.3 Of The Impugned Order & Ought

32a. Words “constructed, one residential house in India” shall be substituted r constructed a residential house by the Finance (No.2) Act, 2014, with effect from 01.04.2015’. 10. The above-said amendment to Section 54F of the Income Tax Act, which will come into effect only from 01.04.2015, makes it very clear that the benefit of Section 54F of the Income