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In the decision reported in (2020], 16 ITR-OL 25 (Kar) question arose whether exemption u/s 54F would be available for the purchase of a residential house outside India in view of future amendment in law restricting such exemption only for the purchase of a house within India.
Following SC laid down law the Karnataka High Court held that it is a cardinal principle of law that the law to be applied is that in force in the assessment year unless otherwise provided expressly or by necessary implication.
Unless the terms of a statute expressly so provide or necessarily require it, the retrospective operation should not be given to a statute so as to take away or impair an existing right or create a new obligation or impose a new liability otherwise than as regards procedure.
The assessee thus managed exemption citing the well laid down law for the back period.

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