invested in National Highway Authority of India bond and deduction
under section 54EC was claimed. Rs.25 lakh was deposited in capital gain
account with ... Account on 22.09.2009. Exemption of Rs.50 lac
was claimed u/s. 54EC
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
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
allowing the claim
of Rs.1.19 crores u/s 54EC of the Act on LTCG referred
above;
(iv) upholding the stand ... allowing the claim of Rs.1.19 crores u/s 54EC on
LTCG: [Ground Nos: 3 & 4]:
The facts relating to these grounds
immovable property and denial of exemption under
sections 54 and 54EC . The assessee submitted a written reply dated
18.03.2024 objecting to the additions proposed ... Officer has stated that the assessee claimed exemption under sections
54 and 54EC in respect of a property said to have been sold
facts confirming action of AO
restricting exemption u/s 54EC of the Act to Rs. 50 lakh instead
of Rs.1 crore claimed ... towards investment in
residential property to the extent claim u/s 54EC of the Act is not
allowed.
6. Levy of interest u/s 234A
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
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
devoid of the principles relating to the grant of
exemption u/s. 54EC and hence it is prayed that the claim as made ... facts in not appreciating the fact that the provisions of sec.
54EC are for granting exemptions and benefits to the assessee and,
therefore, ought
