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2019 (12) TMI 79 - AT - Income TaxDeduction u/s 54EC - addition of ₹ 50 lakhs by restricting the exemption u/s 54EC up to ₹ 50 lakhs out of total claim in respect of ₹ 1 Crore on investment in Bonds made within six months of sale of property in two different financial years amounting to ₹ 50 lakhs in each financial year - HELD THAT:- As in terms of Section 54EC investment made in specified assets at any time within six months from the transfer of the original asset is entitled for deduction but the proviso to the section has restricted the investment during any financial year up to ₹ 50 lakhs only. Identical issue in dispute has been decided by the Tribunal in the case of ACIT Vs. Akshay Sobti [2019 (5) TMI 851 - ITAT DELHI] also TULIKA DEVI DAYAL (LEGAL HEIR) LATE MR. PREM A. DEVIDAYAL, C/O-DEVIDAYAL SALES LTD. VERSUS JCIT-17 (1) AND ACIT-20 (2) , MUMBAI [2018 (2) TMI 713 - ITAT MUMBAI] allowed the deduction up to ₹ 50 Lakhs in two financial years. Respectively following the finding of the Tribunal, we set aside the finding of the learned CIT(A) on the issue in dispute and direct the Assessing Officer to allow the deduction under Section 54EC of the Act for ₹ 1 crores as claimed by the assessee. The grounds of appeal of the assessee are according allowed.
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