Reading a section vis-à-vis Understanding a decision

  • Corporate Law
  • Financeseva

Now and again when you experience a choice made by a legal authority clearly, subsequent to appreciating and clarifying the subtleties of misleadingly comparative arrangements, You, as an expert, get the best fulfillment as you can advance your insight by perusing that choice with centered consideration. 

Such a feeling was felt genuinely by the author when he, with rapt attention, went through the order passed by the ITAT Chennai in the case of M.S. Amaresan v. Asstt.  

CIT wherein the Tribunal analysed the provisions of section 54 of the Income-tax Act (the Act) as well as section 54F of the act, post and pre amendment with effect from 1-04-2015 vis-à-vis some decisions rendered by the jurisdictional legal authorities on which reliance was placed on behalf of the assessee and held that the assessee was not entitled to claim exemption under section 54F of the Act on acquisition of two residential properties at two different locations on two different dates.But before analysing this Tribunal decision let us study, emergence of section 54F of the Act as also analyse the basic differences between sections 54 and 54F of the Act.