Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 1279 - AT - Income TaxExemption claimed u/s 54EC - Capital gain not to be charged on investment in certain bonds - Held that:- For the purpose of section 54EC, the date of investment is to be regarded as the dates of investment/the payment received by the authorized bank. It is noted that section 54EC of the Act has no restriction if the specified investment of ₹ 50 lakh is made in two different financial years. The exemption u/s 54EC is available to an assessee, if the long term capital gains, earned by the assessee, is invested in the specified long term asset and such investment is made within six months from the date of transfer of such long term asset. As per the proviso to section 54EC, the investment in any Financial Year is restricted to ₹ 50 lakh and since the assessee has made the investment of ₹ 50 lakh each in different two Financial Years but within six month from the date of transfer of the asset. - Decided in favour of assessee.
|