made additions on account of excess deduction u/Sec 54EC
of the recoverable write off, Gratuity payments, foreign travel,
expenditure, overseas Commission and other expenditure ... submitted that the assessee company
has sold the property and invested in 54EC Bonds
upholding the order of
Assessing Officer on denying the exemption u/s.54EC of the Act
investment in REC capital gains bonds falling ... complied with the provisions of
:- 3 -: ITA No.2254/Mds /2015.
Sec.54EC as investment was made within the period of six months
from
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
stated as a medium for claiming exemption under section
54EC the spirit that the sale proceeds should be kept out of
circulation in the market ... ordinary bank Fixed Deposit
and for this reason the exemption under section 54EC should
be given in respect of the ordinary bank fixed deposit also
issues regarding indexation of cost and the exemptions
u/ss. 54 and 54EC instead of merely agreeing with the conclusions of his
predecessor ... withdrawing the
benefit of indexation and deduction u/ss. 54F and 54EC of the Income-
tax Act, without considering the issues in light
assessee was eligible to
claim deduction u/s.54, 54F & 54EC in respect of the capital gains
arising out of a single transaction ... Developers Pvt.
Ltd. The assessee has claimed deduction under section 54 and 54EC of the
Income Tax Act, 1961 ["Act" in short
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
upholding the order of
Assessing Officer on denying the exemption u/s.54EC of the Act
investment in REC capital gains bonds falling ... assessee filed explanations that
assessee has complied with the provisions of Sec.54EC of the Act and
investments are made within a period
order, the Assessing Officer has considered the
claim of deduction under section 54EC and section 54F of the Act and
the assessment was concluded. Thereafter ... ground that the assessee is not
entitled for deduction under section 54EC and section 54F of the Act,
because, the entire consideration are of short
aggrieved on denial of
exemption of Rs.1 Crore claimed u/s.54EC of the Income Tax Act,
1961 (in short ... above
transaction, but claimed deduction of Rs.1 Crore u/s.54EC of the Act
on such capital gains. This claim was on the investment
