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2024 (2) TMI 1163 - ITAT AHMEDABADDisallowance of exemption claimed u/s 54EC - non filling ROI - assessee has neither filed return of income u/s 139(1) of the Act, nor in response to the notice issued u/s 148 - AO in the absence of return filed by the assessee has disallowed the exemption claimed - HELD THAT:- As perused the provisions of section 54EC of the Act r.w.s. 139(1) of the Act and note that it has nowhere been provided that for claiming exemption u/s 54EC of the Act, the assessee has to file the return of income. Even at the time of hearing the Ld. DR has not brought our attention to such provision of the Act, suggesting that it is mandatory, for claiming exemption u/s 54EC of the Act, to file the return of income. Accordingly, we are not convinced with the findings of the Ld. CIT(A). Thus, we direct the AO to allow the exemption to the assessee on account of investment made in REC Ltd. as per the provision of law even if the assessee does not file the return of income. Ground of appeal of the assessee is allowed.
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