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
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
lakhs in December, 2005, it
claimed deduction thereof under section 54EC of the Act. The AO was,
however, of the view that the assessee having ... hence assessee is not entitled to
claim deduction under section 54EC of the Act in the year under
consideration. In response to a show cause
Bonds and claimed benefit of
investment u/s 54EC in REC Bonds. AO asked the assessee to show as to how section
54EC exemption ... provisions of section 50 of the Act, the exemption u/s 54EC is not
available to the assessee.
6.1 Assessee relying on the decision
Income-tax (Appeals) has erred in interpreting the provisions of
section 54EC.
3. As per proviso to Section 54EC the amount allowable for the financial ... allowing relief of Rs. 50,00,000/- thereby allowing deduction u/s.
54EC of Rs. 1,00,00,000/- in one financial year only
action in restricting the assessee's eligible exemption under
section 54EC of the Act to Rs.50 lakhs as against the assessee ... assessee in this appeal was the restriction of the exemption under
section 54EC of the Act to Rs.50 lakhs by the authorities below
further observed that the
assessee has claimed exemption u/s. 54EC of the Act on the ground that
he has invested Rs. 73.50 lakhs ... further proceeded to disallow
the claim of exemption u/s. 54EC of the Act as claimed by the assessee
for investment in NABARD Bonds. According
appreciating that 'long term asset'
referred in Section 54EC can only yield long term capital gains
and that gain on sale of depreciable ... Appeals) erred in allowing exemption u/s.54EC
of ` 30,28,732/- on the capital gain in respect of Automatic
Electrical Load Monitoring System, included
assessee,
direction given by the Tribunal for applying clause (b) of Section 54EC(1)
of Income-tax Act, 1961 (in short ... stated by the assessee that the
quantum of relief allowed under Section 54EC was never a subject
matter of appeal before the CIT(Appeals
being investment made in Capital Gain Exemption Bonds u/s 54EC of the
Income Tax Act, 1961.
2. The learned Commissioner of Income Tax(Appeals ... bonds against
the Long Term Capital Gain (LTCG) as provided u/s 54EC of the Act for delay in making the said
investment.
2.Assessee
