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2016 (6) TMI 1122 - AT - Income TaxEligibility of exemption u/s 54EC - investment is made in two financial years - Held that:- The benefit that flows from the proviso was that where the assessee makes investment of ₹ 50 lakhs in any financial year, it could have the benefit of section 54EC(1) of the Act. In the present case as where the assessee had invested ₹ 50 lakhs in REC bonds i.e. specified assets as provided under section 54EC of the Act on 28.02.2010 i.e. in financial year 2009-10 and ₹ 22,50,000/- on 30.04.2010 i.e. in financial year 2010-11 as against the capital gains arising of ₹ 72,49,401/- on the transfer of long term capital gains i.e. sale of shares on 21.01.2010 falling in financial year 2009-10, the assessee is entitled to the benefit provided by the proviso under section 54EC of the Act and consequently, the order of CIT(A) merits to be upheld. Dismissing the grounds of appeal raised by the Revenue, the appeal of the Revenue is dismissed. - Decided in favour of assessee
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