erred in allowing exemption u/s. 54EC of
the I.T. Act, 1961 on the basis of investment in REC Bonds
Nilesh Ramesh Ganjwala ... necessary.‖
3. In this case the assessee had claimed exemption u/s.54EC at
Rs.1,00,00,000/- out of the Long Term Capital
assessee's deduction claim of Rs.50lacs u/s.54EC of the Act on the ground that the
relevant capital gains had been reinvested ... shares in a Private Limited Company, received through gift. This followed Section
54EC deduction claim to the tune of Rs.1crore i.e. Rs.50lacs
erred in law by allowing exemption u/s 54EC of the Income-tax Act, 1961 thus
wrongly allowing double benefit of Rs.50 lacs each ... issue that arises for consideration is whether the first proviso to
Section 54EC(1) of the Act would restrict the benefit of investment of capital
this Rs 119708471 has been claimed as
exempt under section 54EC of the income tax act being
investment made in national housing bank bonds ... long-term capital gain the provisions of
clause (b) of section 54EC (1) are applicable to the case of the
assessee. Consequently, the proportionate
dismissing the appeal of the assessee and
restricting the exemption u/s 54EC to Rs.50 lakhs instead of Rs.1 crore
claimed ... assessee
claimed exemption of Rs.1 crore u/s 54EC of the Act. The claim of the
assessee was not allowed by the Assessing Officer
present appeals is in respect of claim of deduction under
section 54EC of the Act. The facts and issues arising in both the appeals ... Lower
Authorities have erred in restricting the claim of exemption u/s 54EC of
the Income Tax Act, 1961 from
Central Government for the purposes of this section. [ Similar to Section 54EC from The Income Tax Act, 1961. - Also Refer
Section 28 in The Finance Act, 2023
28. In section 54EC of the Income-tax Act, in sub-section (3), clause (a) shall be omitted
assessment, in this appeal, we are concerned with the
disallowance under Section 54EC of the Act.
6. During the course of scrutiny assessment, a questionnaire ... were to be invested
in Tax Savings Bonds as notified under Section 54EC of the Act.
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consideration on this ground. With respect to the deduction under
section 54EC of the Act being restricted to Rs. 50,00,000 as against ... issue that arises for consideration is whether the
first proviso to section 54EC(1) of the Act would restrict
the benefit of investment of capital
