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2015 (8) TMI 754 - AT - Income TaxDeduction u/s. 54EC - amount invested in REC bond in subsequent financial year - AO has taken a view that the assessee can be invested upto ₹ 50 Lac. out of capital gain only and if the assessee has invested in two difference assessment years within six months, then he is not entitled for deduction u/s. 54EC - CIT(A) allowed claim - Held that:- The issue in controversy is covered by the decision of ITO Vs. Ms. Rania Faleiro reported in ( 2013 (11) TMI 518 - ITAT MUMBAI ). Amendment will come into force from A.Y. 2015-16 onwards and the amendment has been made in Sec. 54EC of the Act wherein it is amended that investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees. We find that this amendment is not applicable in this assessment year i.e. A.Y. 2008-09, therefore, ld. CIT(A) is justified in passing the impugned order. Decided against revenue.
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