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2018 (7) TMI 1550 - AT - Income TaxDeduction u/s 54EC - Held that:- We notice that the assessee has sold the property on 28/03/2013 and made 1st investment on 25/03/2013 and second investment on 12/04/2013. The assessee has to make investment within 6 months from the date of sale i.e. before 28/09/2013. In this case, the limitation period of 6 months falls in 2 financial years. Since the provision allows to invest ₹ 50 lakhs during any financial year. Assessee intends to take the advantage of the above proviso u/s 54EC. This kind of transactions are made eligible by the judicial precedents in the case of Shri Upendra C Parekh (2017 (9) TMI 377 - ITAT MUMBAI). Further, we notice that the legislature has notices that this proviso was applied as tax planning to take additional deduction under this section 54EC. Therefore, they introduced the 2nd proviso to this section with effect from 01/04/2015 (AY 2016-17) prospectively. Since the present appeal relates to AY 2013-14, the amended provision will not apply to the present case as decided in the case of CIT Vs. C. Jainchander (2014 (11) TMI 54 - MADRAS HIGH COURT). Therefore, the grounds raised by the revenue are dismissed.
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