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
immovable property. The assessee
2
has claimed the exemption u/s.54EC on account of purchase of certain
bonds ... after the date of such transfer as per the provisions of
section 54EC. However, in the instant case although the assessee has
transferred the immovable
careful reading of s. 54 as well as s. 54EC on which reliance is placed makes it clear
that when capital gains arise from ... assessee, in not expressly stated. Similarly even in respect of s. 54EC , the assessee has
at any time within a period of six months after
declared Long Term Capital Gain and also claimed
deduction u/s.54EC of the Income-tax Act.
4. The Assessing Officer was of the opinion ... business income' and declined to give
the benefit of Section 54EC to the assessee. The assessee challenged the
action of the Assessing Officer before
Less : Exempt U/s.54EC
(Invested in Rural Elec. Bond Rs.10,00,000/-
& National Housing Bank ... specified bonds or
the new property for the purpose of sections 54EC and 54F respectively, as
per details in para (3) of this order
capital gains of Rs.88,15,400/- after allowing exemption u/s
54EC & 54F of the Act. The aforesaid determination of capital gain
