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2014 (1) TMI 1443 - AT - Income TaxRestriction of exemption u/s 54EC of the Act – Amount invested in long term bonds – Held that:- The decision in Smt. Sriram Indubal v. ITO [2014 (1) TMI 482 - ITAT CHENNAI ] followed - If the assessee is able to keep the six months' limit from the date of transfer of capital asset, but, still able to place investment of Rs. 50 lakhs each in two different financial years, it cannot say that the restrictive proviso will limit the claim to Rs. 50 lakhs only - assessee here had placed Rs. 50 lakhs in two different financial years but within six months period from the date of transfer of capital asset, assessee was definitely eligible to claim exemption upto Rs. 1 Crore - Claim of the assessee for exemption upto Rs. 1 Crore has to be allowed in accordance with Section 54EC of the Act - No material has been brought on record to show that the decision of the Tribunal is either modified or reversed by any higher Court – Decided in favour of Assessee.
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