account of exemption u/s. 54
and 54EC of the Act treating the said house as
being 'Constructed by the assessee and not
considering ... account of
2
exemption u/s. 54EC of the Act without
considering the date of purchase of REC
bonds
which he directed the Assessing Officer to allow exemption under Section 54EC of the Income Tax Act to the assessee.
2. The assessee ... sale proceeds in Rural Electrification Bonds- REC 54EC Series III on 24-3-2004. The investment was in the joint names of herself, being
erred in
allowing the claim of Rs 1 crore u/s 54EC of The Income Tax Act,
1961.
2) On the facts and circumstances ... erred in
allowing claim of Rs 1 crore u/s 54EC of the income tax act, 1961,
when the assessee has purchased both the capital
addition of Rs.
50,00,000/- on account of exemption u/s. 54EC of the Act
without considering the date of purchase of REC bonds ... disallowance of claim u/s 54EC of
the Act at Rs. 50,00,000/- and addition of Rs.
14,07,474/- towards purported amounts received
amounting to Rs.42 lakhs on 27.10.2007 and claimed deduction u/s 54EC of the
2
ITA No.4436/Del/2017 ... this period,
the Assessing Officer did not allow the deduction u/s 54EC of the I.T. Act.
3. In appeal
claimed
-2-
ITA No. 6907/DEL/2015
by the assessee u/s 54EC of the Income-tax Act, 1961
[hereinafter referred ... that the
assessee can claim only Rs. 50 lakhs deduction u/s 54EC ."
3. Brief facts of the case are that the assessee
this Rs 119708471 has been claimed as
exempt under section 54EC of the income tax act being
investment made in national housing bank bonds ... long-term capital gain the provisions of
clause (b) of section 54EC (1) are applicable to the case of the
assessee. Consequently, the proportionate
addition of Rs.50 lakhs by restricting the exemption u/s 54EC up to
Rs.50 lakhs out of total claim in respect ... gain computed, the assessee claimed
deduction of Rs. 1 crores under section 54EC of the Income-tax
Act, 1961 (in short
action of the Assessing Officer in not allowing deduction u/s 54EC
of the Income-tax Act, 1961 being the amount of investment made ... after claiming deduction of
Rs.49,63,932/- u/s 54EC of the IT Act. During the course of assessment proceedings,
the Assessing Officer observed
against which he has claimed
deduction under section 54EC of the Income-tax Act, 1961 (for
short 'the Act') of equal amount ... Less deduction u/s 54EC Rs. 3,00,000/-
Long Term Capital Gain Rs.11,36,211/-
and made an addition thereof to the total
