Commissioner of Income Tax (Appeals) erred in not allowing Exemption
u/s 54EC for Long Term Capital Gain amounting ... AMAR KANAYALAL NAGPAL Vs. ITO-19 (1)(3).
under Sec. 54EC by making investments in REC Bonds. The A.O
being of the view that
2016), wherein, only ground
raised pertains to allowing the benefit u/s 54EC of the
Income Tax Act, 1961 (hereinafter the Act) ignoring the fact ... both the appeals
is with respect to confirming the deduction u/s 54EC of the
Act, amounting to Rs.50 lakh as against the claimed
Assessing Officer also observed that assessee has claimed
deduction u/s 54EC of the Act at Rs.1 crores by way of investment ... after disallowing claim of deduction u/s 54EC of the
Act at Rs.50 lacs and making addition
assessee has further claimed exemption of Rs.50
lakhs u/s.54EC by investing the same in Rural Electrification Corporation ... whereas the claim of the assessee is u/s.54EC.
Rejecting the arguments advanced by the assessee and distinguishing the
decision cited before
computation of
capital gain and claim of deduction raised under section 54EC of the Act.
3. The facts in brief borne out from the record ... same has been claimed as exempt under section 54EC of the Act and
invested in National Highway Bond. The Assessing Officer invoked the
provisions
gains.
4. Without prejudice, the appellant firm be granted deduction u/s
54EC on account of investment in the bonds made by the partners
from ... capacity and also claimed the benefit of investment u/s.
54 and 54EC of the Act. The Assessing Officer was not impressed with
the contention
shown from sale of gala
situated at Mahim and exemption under section 54EC was claimed on
account of investment of the capital gain so arisen ... only to the extent allowable as per the
provisions of section 54EC since the investment in the NABARD bond is
less than the net consideration
Assessing Officer in not allowing claim
of deduction u/s.54EC of the Act on long term capital gain referred
to in ground ... disallowed the claim of the
assessee for deduction u/s 54EC of the Income tax Act, 1961 also for the
same reason that such deduction
slump sale of its unit, raised a claim for
deduction under Section 54EC of ₹ 50 lacs. The Pr. CIT held a firm
conviction that ... 2025
Netmatrix Crop Care Pvt. Ltd.
deduction u/s 54EC of the Act, as it was available only in the case
of the sale
holding that the appellant was not
entitled to exemption u/s 54EC in respect of the investment in the
eligible bonds on the ground that ... consideration and accordingly, he was entitled to
claim the deduction u/s 54EC .
8. The learned CIT(A) erred in not appreciating that
