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2016 (10) TMI 89 - AT - Income TaxExemption u/s.54EC entitlement - the investment in specified Bonds under section 54EC of the Act was made in two different financial years - Held that:- Respectfully following the decision of the Hon’ble Madras High Court in the case of CIT v. C.Jaichandar (2014 (11) TMI 54 - MADRAS HIGH COURT ) we hold that the language of the provisions of section 54EC(1) of the Act clearly and unambiguously mandate that the assessee can make the investments in two different financial years, provided the investment in a financial year does not exceed ₹ 50.00 lakhs. In the factual and legal matrix of the case on hand, we, therefore, reverse the findings of authorities below and direct the Assessing Officer to allow the assessee exemption of ₹ 1.00 crore under section 54EC(1) of the Act in respect of the investment of ₹ 50.00 lakhs each made by it in specified bonds on 30/9/2008 and 9/4/2009 i.e. in two separate financial years, pursuant to the sale of two properties on 28/4/2008 and 14/10/2008. We hold and direct accordingly. - Decided in favour of assessee.
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