9911796707
TMI Blog2015 (12) TMI 893X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 54EC of IT Act on investment of Rs. 50,00,000/- made by the assessee in the NHAI Ltd. bonds without appreciating the fact that the investment was made beyond the period of six months from the date of transfer of the shares of Sacham Electronics Ltd. on which the assessee had earned long capital gains." 2. "On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in allowing exemption u/s54EC of IT Act on investment of Rs. 50,00,000/- made by the assessee in the NHAI Ltd. bonds on 30/09/2010 without appreciating the fact that the investment was made beyond the period of six months from 05/03/2010, being the date of transfer of the shares of Sacham Electronics Ltd. on which the assessee had earned long capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pronouncements which includes the decision of ITAT, Mumbai in the case of Yahya E. Dhariwala vs. DCIT in ITA No.5501/Mum/2009 order dated 25/11/2011, Ld.CIT(A) has accepted such contention of the assessee and granted the relief to the assessee. The Revenue is aggrieved, hence, has raised aforementioned grounds. 3. Ld. DR relied upon the assessment order passed by the Assessing Officer and pleaded that Ld. CIT(A) has committed an error in granting relief to the assessee. 4. On the other hand, Dr. K.Shivram, Ld. Sr. Counsel for the assessee submitted that Ld. CIT(A) has rightly allowed the claim of the assessee and the claim of the assessee is not only supported by the decision relied upon by Ld. CIT(A) but is also in accordance with the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 961 itself does not define the word "month" however Section 3 of General Clauses Act, 1987 define the word "month" means a month reckoned according to British calendar. In this context a decision of Hon'ble Calcutta High pronounced in the case of CIT v. Brijlal Lohia & Mahabir Prasad Khemka [1980] 124 ITR 485/ [1981] 5 Taxman 93 has also been generally cited wherein it was held that the words "however considering month during which the default continued" as appeared in Section 271(l)(a) refer only to a month during the whole of which the default continued and not to a month during which only part of which default continued. Likewise in the case of Harnand Rai Rarnanand v. CJT[1986] 159 1TR988/24Taxman 571 (Raj.), and B.V.Aswathaiah & Bros. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
