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2015 (6) TMI 138 - HC - Income TaxEntitlement to the exemption under Section 54EC - Held that:- The present Tax Appeal is ADMITTED to consider the following substantial question of law - Whether the ITAT is justified in law as well as on facts in coming to the conclusion that the assessee is entitled to the exemption under Section 54EC of ₹ 1 Crore instead of ₹ 5 lakhs ignoring the amendment in Section 54EC by Finance Act (2) of 2014, which is clarificatory in nature? Deduction from long term capital gain and short term capital gain - Held that:- while considering the aforesaid issue the learned Tribunal has relied upon the decision of the Division Bench of this Court in the case of CIT Vs. Himalaya Machinery (P) Ltd reported in 2012 (12) TMI 607 - GUJARAT HIGH COURT] and CIT Vs. Polestar Industries reported in (2013 (11) TMI 910 - GUJARAT HIGH COURT). The learned Counsel appearing on behalf of the revenue is not in a position to show any contrary decision to the aforesaid decisions - Decided against revenue. Disallowance of expenditure - ITAT allowed the claim - Held that:- The learned CIT(A) has given independent and elaborate reasons while restricting the disallowance of expenditure of ₹ 10,90,223/- and granted the relief to the assessee to the extent of ₹ 6,09,870/- on each item. We see no reason to interfere with the finding recorded by the learned CIT(A) confirmed by the learned Tribunal restricting the disallowance of expenditure to ₹ 10,90,223/- It is required to be noted that the Assessing Officer disallowed the expenditure of ₹ 17,00,093/- against which the learned CIT(A) has restricted the disallowance of expenditure to ₹ 10,90,223/-. - Decided against revenue.
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