Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 521 - AT - Income TaxRestriction of deduction on LTCG u/s 54EC - Quantum of deduction u/s 54EC to be restricted to ₹ 50 lac or not Held that:- Similar matter has been decided in CIT Vs. C. Jaichander & Another [2014 (11) TMI 54 - MADRAS HIGH COURT] wherein it was held that section 54EC(1) of the Act restricts the time limit for the period of investment after the property has been sold to six months - There is no cap on the investment to be made in bonds - The first proviso to Section 54EC(1) of the Act specifies the quantum of investment and it states that the investment so made on or after 1.4.2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees - as per the existing provisions of section 54EC the ceiling on the investment to be made in specified bonds is for a particular Financial Year - as per the un amended provisions of section 54EC, the assessee is entitled for deduction of ₹ 1 crore, when the assessee has satisfied both the conditions of the investment in specified bonds of ₹ 50 lac in each Financial Year and the said investment is within the period of six months Decided in favour of assessee. Addition of outstanding sundry creditors Held that:- Assessee contended that ₹ 5,00,000/- was received as an advance for sale of shop at Pune - since the sale transaction did not materialize, therefore, the amount was offered to tax for A.Y. 2010-11 - except the submissions, no evidence has been produced by the assessee that the amount was received as an advance for sale of shop also, when the amount was not repaid and finally offered by the assessee for the AY 2010-11, the assessee has failed to explain the cash credit to the extent of ₹ 5,00,000 thus, the order of the CIT(A) is upheld Decided against assessee.
|