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Income-tax Officer, Ward - 2, Margas, Goa Versus Ms. Rania Faleiro - 2013 (11) TMI 518 - ITAT MUMBAI

Extract:-
Deduction u/s 54EC - Investment in two years - The Assessee claimed the exemption of the Capital Gains amounting to Rs. 1,00,00,000 by making investment - The Assessee claims that he has invested the funds within 6 months and therefore is entitled for exemption under Section 54EC - Interpretation of proviso of Section 54EC(1) - Held that - The plain reading of the section as well as the proviso clearly suggests the same interpretation. There is no ambiguity in the interpretation. Had there been an intention of the legislature to restrict the exemption to Rs.50,00,000/-, the legislature would have provided the embargo in this regard. Restriction relates only to the investment made in any financial year by the assessee. Making of the investment is a condition for availing of the exemption. Condition for availing of the exemption requires that the investment can be made within a period of 6 months. - If 6 months falls within a different financial year, as has happened in this case, in our ....... - .......


 

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