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2014 (1) TMI 246 - HC - Income TaxExemption u/s 54EC - Held that:- As per Transfer of Property Act, 1882 - Registration of sale deed alone completes the transfer - Four sale deeds came to be registered, on the consideration received for the purposes of Section 45 and Section 54EC of the Act, capital gains arising on the sale under those deeds would be considered only in the assessment for the assessment year 2003-2004 - As regards the sale deeds executed between the dates, 11.04.2003 and 23.03.2004 - There are at least 12 sale deeds executed on various dates - Sale Deed Nos.13 to 16 were executed on 23.03.2004 and on the same date, the assessee admits that the capital gains arising thereon not being invested in REC 54EC bonds from 30.04.2004 onwards - Sale deeds were executed on 11.04.2003 [3 deeds]; 28.04.2003 [2 deeds]; 14.05.2003 [3 deeds]; the consideration in respect of these deeds not being invested within the time limit of six months from the date of transfer - The capital gains would fall itself within the scope of Section 54EC of the Income Tax Act, 1961 - The sale deeds executed on 23.03.2004 (4 deeds) alone would have the benefit of Section 54EC of the Income Tax Act, 1961 and not any other sale deed - For the purpose of re-computing the relief to the assessee to grant the relief in respect of the sale deeds executed on 23.03.2004 – the issue was remanded back to the Assessing Officer to re-work the liability of the assessee – Partly allowed in favour of assessee.
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