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2012 (3) TMI 257 - AT - Income TaxClaim of deduction u/s 54EC - Revenue filled an appeal that CIT(A) Ajmer has erred in allowing the claim of deduction u/s 54EC bynot appreciated the facts that the deemed date of allotment of Bond1 is beyond the time limit of 6 months as per section 54EC from the date of transfer - The assessee claimed deduction in respect of Long Term Capital Gain amounting to ₹ 1.00 Crore as the date of the investment by the assessee must be regarded as the date on which payment was made and received by the National Housing Bank. This was within a period of six months from the date of transfer of the asset thus the provisions of section 54EC were complied - Held that :- It was provided in Section 54EC that in case the amount of Long term capital gain is invested in the long term specified asset then the assessee is not required to pay the capital gain tax - No more bonds will be issued by any person, if he has already made an investment of an amount aggregating more than ₹ 50 lakhs in the bonds already notified in notification no. 963E dated. 29 June, 206 or 964E dated 29th June - Investment within 06 months is the investment for that financial year in which transfer has taken place. Hence, subsequent investment is to be considered as part of the investment of financial year in which transfer has taken place - appeal in the favour of revenue was allowed.
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