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2016 (12) TMI 1481 - AT - Income TaxExemption u/s 54 EC eligibility - Held that:- The shares were registered in the name of the transferee on 31.12.2009 and accordingly recorded in the books of account of the transferor. The said shares after complying with the formalities as per the original agreement which provided for carrying out all due diligence within a period of 60 days from the date of original agreement dated 29.7.2009 which was revised from time to time. Also as during the pendency of due diligence the shares with duly executed transfer deeds and consideration for shares were deposited with the escrow agent by both transferor as well as transferee. After completion of all the formalities both the parties approached the escrow agent to finally transfer the shares as all the formalities were completed and consequently all the equity shares were transferred in the names of transferee on 31.12.2009. We are in agreement with the finding of facts recorded by the ld.CIT(A) as has been reproduced above that the shares were transferred on 31.12.2009 and therefore the investment was made within a period of six months from the date of transfer on 29.6.2010. We therefore inclined to uphold the order of ld. CIT(A) by dismissing the appeal of the revenue. - Decided in favour of assessee
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