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2012 (8) TMI 578 - AT - Income TaxCapital gains - Denial of Deduction u/s. 54EC of the Act – investment in REC bonds, out of the amount received - wife of the assessee, was the main-holder of the certificate and the assessee alongwith his son are only the nominees of the first beneficial owner – Held that:- Requirement for claiming deduction u/s. 54EC of the Act was fulfilled in the instant case by virtue of the fact that the funds invested emanated from the sum received out of the transfer of long term capital asset and that it was invested within a specified time - payment of the maturity proceeds to any one of the bond holders is not a material factor for deciding the ownership of the bonds - Assessing Officer was directed to allow claim of deduction u/s. 54EC of the Act. Denial of Deduction under section 54F of the Act – on the ground that assessee called for the municipal approved plan and the assessee could not furnish the same - claimed to have purchased two flats – Held that:- Assessing Officer directed to give the assessee one more opportunity to prove that the sale deeds with reference to which assessee claims to have purchased the property was the same which was occupied by the assessee and it is legally permitted to be constructed by the municipal authorities - assessee is at liberty to show that he is legally entitled to claim deduction under section 54F - claim of deduction under section 54F of the Act is set aside to the file of the Assessing Officer.
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