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TMI Blog2024 (2) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... Makwana, Sr.DR ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), Ahmedabad, arising in the matter of assessment order passed under s. 147 r.w.s. 144 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") relevant to the Assessment Year 2013-14. 2. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, the AO in the absence of return filed by the assessee has disallowed the exemption claimed u/s 54EC of the Act and added to the total income of the assessee. 4. Aggrieved assessee preferred an appeal to the Ld. CIT(A), who has also confirmed the order of the AO by observing as under: Since the claim was not made for seeking exemption u/s. 54EC in the ITR, the benefit of exemption u/s. 54 E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties have been saved for calculating the income chargeable to tax under the head capital gain. Accordingly, the Ld. AR submitted that the assessee should be allowed the benefit of exemption u/s 54EC of the Act. 7. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 8. We have heard the rival contentions of both the parties and perused the materials available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Hence, the ground of appeal of the assessee is allowed. 9. In the result, the appeal filed by the assessee is allowed. Order pronounced i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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