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2017 (9) TMI 1987 - HC - Income TaxDenying the exemption claimed u/s 54EC - Capital gain not to be charged on investment in certain bonds - Learned counsel contended that he is entitled for the benefit of the investment which has been made in the subsequent date - whether word used is ‘whole’ and the two investments which have been made are within six months and the whole capital gain is invested in two different financial years? - HELD THAT:- Taking into account the object of Section 54EC is to give benefit to the assessee to invest in the Government bond and where proviso came for the first time on 01.4.2007 providing benefit of 50 lacs each of the transaction of the property the view taken by the Tribunal is just and proper. We are not in agreement with the view taken by the Madras High Court [2014 (11) TMI 54 - MADRAS HIGH COURT]. The benefit is qua one transaction. It cannot have for different financial years. The purpose is to have investment for benefit of long term capital and once there is interpretation put forward by the basic connotation of law, in that view of the matter, we are affirming the view of the Tribunal. Decided against the assessee.
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