Section 54 Deduction Upheld for Pre-Amendment Foreign Property Purchase

Jagdish Chand Verma Vs ITO (ITAT Delhi) This case concerns an appeal by a 70-year-old retired individual against the order of the Commissioner of Income-tax (Appeals) (CIT(A)), Delhi, arising from an assessment under Section 144 of the Income Tax Act, 1961 for the assessment year 2013-14. The Assessee had sold a residential flat in Delhi in October 2013 for ₹70,00,000, resulting in an indexed capital gain of ₹54,35,000. Subsequently, the Assessee purchased a residential property in Australia in March 2014 for $5,50,000, as he had relocated permanently to Australia. During the relevant asse...