directing the Assessing Officer to grant deduction u/s 54EC in respect of
the investment made in specified bonds. According to the revenue the
investments ... prior to sale of property and
hence the criteria prescribed u/s 54EC is not satisfied and therefore
assessee is not entitled for deduction
because of the reason that the AO has not granted
exemption ufs.54EC for the reason that the sale
consideration was treated under the head ... order of CIT(A) allowing the claim of
exemption under section 54EC of the Act. For this Revenue as raised following
ground No.4: -
Page
invested out of the an amount of Rs.19,53,571/- in 54EC & an
amount of Rs.13,55,795/- was invested to purchase ... Rural Electrification Bond on 31.07.2012 to
avail the exemption u/s 54EC . The assessee invested
whether the Ld. CIT(A) erred in allowing the claim u/s 54EC of
the Act, of making investment in RECL Bonds ... Lacs only and that the second proviso to section 54EC is
clarificatory in nature.
2. The Appellant prays that the order
because of the reason that the AO has not granted
exemption ufs.54EC for the reason that the sale
consideration was treated under the head ... order of CIT(A) allowing the claim of
exemption under section 54EC of the Act. For this Revenue as raised following
ground No.4: -
Page
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
done everything possible on his part to
comply with requirements of Section 54EC of the Act.
3. On the facts and circumstances of the case ... NHAI/REC Bonds on 26-03-2009 and exemption
u/s 54EC of 1961 Act was claimed by the assessee. The date of agreement
deleted.
B) Disallowing the exemption claimed u/s. 54EC - Rs.
17,50,000/-
3. The learned CIT-(A) erred on facts ... disallowing
the exemption claimed by the appellant u/s. 54EC of Rs.
17,50,000/-.
4.The appellant prays that your honours hold that
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
year as per the provisions of section 54EC of the Act, while the section had
limit of investment of Rs.50 lakhs in one Financial ... year under consideration, the assessee had claimed a deduction under Sec.
54EC of Rs.50 lac investment that was made by him in REC bonds
