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2017 (5) TMI 168 - AT - Income TaxExemption u/s. 54EC of the I.T. Act, 1961 - investment in REC Bonds - Whether the first proviso to Section 54EC(1) would restrict the benefit of investment of capital gains in bonds to that financial year during which the property was sold or it applies to any financial year during the six months period? - Held that: - Hon’ble Madras High Court has elaborately considered this issue in the case of CIT vs. C. Jaichander [2014 (11) TMI 54 - MADRAS HIGH COURT] has held that Section 54EC(1) of the Act restricts the time limit for the period of investment after the property has been sold to six months. There is no cap on the investment to be made in bonds - assessee is eligible for exemptions as per the extant provision of Section 54EC for the whole of the amount of Rs. One Crores invested - it was permissible on the part of assessee to make investment of ₹ 1 crore split into ₹ 50 lakh each in two financial years that is on 21.01.2011 and 06.07.2011 respectively - appeal dismissed - decided against Revenue.
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