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2021 (6) TMI 305 - AT - Income TaxExemption u/s 54EC - Investment made after the cut of date - transfer of the long-term capital asset in order to claim the exemption on account of long- term capital gain - HELD THAT:- In order to claim exemption on account of long- term capital gain under section 54EC the assessee was required to make investment in the eligible bonds within six months from the date of transfer of the long-term capital asset i.e. 12.12.2013. Since the investment in the eligible bonds was admittedly made by the assessee on 21. 01.2014 i.e. after the period stipulated in section 54EC, we find myself in agreement with the ld. CIT(Appeals) that the assessee is not entitled for the exemption under section 54EC. Assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the long- term capital gain in purchase of another residential property and unable to find the suitable property, he finally invested the amount in long- term capital gain bonds on 21. 01.2020. In my opinion, this aspect is irrelevant to decide the eligibility of assessee for exemption under section 54EC, which specifically provides that the investment in eligible bonds is required to be made by the assessee within a period of six months from the date of transfer of the long-term capital asset in order to claim the exemption on account of long- term capital gain - Decided against assessee.
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