9911796707
TMI Blog2019 (2) TMI 522X X X X Extracts X X X X X X X X Extracts X X X X ..... t") to Rs. 50,00,000/-. The grounds raised by the assessee reads as under : "1) On the facts in the circumstances of the case and I law the Lower Authorities have erred in restricting the claim of Exemption u/s. 54EC of the Income Tax Act, 1961 from Rs. 97,32,657/- to Rs. 50,00,000/- by disregarding appellants contention and clear provision of law. The appellant craves for to leave, add, alter, modify, delete above ground of appeal before or at the time hearing, in the interest of natural justice." 2. Shri Pramod Shingte appearing on behalf of the assessee submitted that the assessee in his return of income claimed exemption u/s. 54EC of the Act in respect of investment made in Rural Electrification Corporation (REC) Bonds Rs. 97,32,65 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mently defended the order of Commissioner of Income Tax (Appeals). However, the ld. DR fairly admitted that the Tribunal in immediately preceding assessment year has allowed the exemption to the assessee u/s. 54EC on the entire amount of investment. The ld. DR informed that the Department has filed appeal before the Hon'ble High Court against the said order of Tribunal. 4. Both sides heard. The orders of authorities below perused. The only issue raised by the assessee in appeal is against restricting the claim of exemption u/s. 54EC to the extent of Rs. 50,00,000/-. We find that on similar set of facts the assessee had approached the Tribunal in assessment year 2012-13 in ITA No. 40/PUN/2016 (supra). The ground of appeal raised by assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w the claim of assessee and direct the Assessing Officer to allow the deduction under section 54EC of the Act at Rs. 1 crore. The ground of appeal raised by the assessee is thus, allowed." 5. The Revenue has not brought to our notice any contrary decision by the Hon'ble High Court or the Hon'ble Apex Court. Though the DR has submitted that an appeal has been filed against the order of Tribunal before the Hon'ble High Court, no order has been placed on record to show that the order of Tribunal has been either reversed or stayed by the Hon'ble High Court. Thus, in view of undisputed facts and the decision of Coordinate Bench in assessee's own case we hold that the assessee is eligible for claiming exemption u/s. 54EC on the entire amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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