market against which
assessee has claimed deduction of ₹.50 lacks u/s.54EC of the Act. He
observed that no details to ascertain the valuation ... acquisition of
shares was examined. Further he observed that deduction u/s. 54EC of
the Act claimed by the assessee also needs to be verified
SHORT TERM CAPITAL
GAINS AND THEREBY WITHDRAWING CLAIM OF DEDUCTION U/S
54EC:-
1. The Learned CIT(A) erred in confirming the Long Term Capital ... Short Term Capital Gains
and thereby denying deduction claimed u/s 54EC.
2. The Capital gain of Rs.35,86,000/- requires to be treated
details of sale of assets and details of claiming
exemption u/s 54EC and 54 of the Act. The assessee was also
asked to submit ... bank statement, sale of assets, details of claiming
exemption u/s 54EC & 54 of the Act, details of
commission paid, details of interest, bank
were certain investments,
the first appellate authority granted part relief under section 54EC .
Aggrieved, the assessee is in appeal before the Tribunal.
16. Before ... learned Counsel relied on the wordings in section 54EC ,
and submitted that the legislature used the words "where the capital gains
arises from
erred
in law in allowing exemption u/s 54EC from the Short Term Capital
Gain computed u/s 50, on the depreciable asset ... failed to
appreciate that as per the provisions of section 54EC of Income Tax
Act 1961, the exemption is available only in respect of Long
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
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
inter alia, that learned
CIT(A) erred in granting deduction u/s. 54EC of the Income Tax Act,
1961 in disregard to the fact that ... NABARD Capital
Account so as to claim exemption u/s. 54EC of the Act. Accordingly, in
the year under consideration, assessee declared total income
consideration received on sale in a
specified asset mentioned in Sec.54EC of the Act. As per the
assessee, once consideration stood invested ... specified asset
mentioned under section 54EC(1)(a) of the Act, deeming
provision of Sec.50C was not applicable. Unless and until there
were some
Chartered
Accountant Rs. 1,96,630
(iv) Rebate for reinvestment u/s 54EC Rs. 50,00,000
2.2 Aggrieved by the order of assessment ... which the appellant is eligible to invest under the provisions of section 54EC of the
Act under the facts and circumstances of the case
