whereunder, the assessee had preferred a claim for exemption u/s 54EC of the Income tax Act (hereinafter referred to as Act). The assessing officer ... assessee was not entitled to the grant of relief u/s 54EC of the Income Tax Act.
3. Placing reliance on the judgment
petitioners also claimed the benefit under Section
54EC of the Act by investing in REC bonds of value of Rs.50 lakh. Finally,
both petitioners ... covered by the investment made in the REC bonds
under Section 54EC of the Act and in the investment in another residential
house under Section
receipt of the sale proceeds, assessee
will get the deduction u/s 54EC of the Act. We may state that if the assessee fails ... regards the
entitlement of the assessee to the deduction under section 54EC, it would not be proper
on our part to express any opinion
second
reason pertains to the deduction claimed by the assessee under
Section 54EC of the Income Tax Act,1961, which, according to
the Assessing Officer
ground that the long
term capital gain and deduction under section 54EC had
wrongly been granted. It was submitted that, therefore, the
Assessing Officer seeks
deleting the disallowance made on account of denial of
claim u/s 54EC of the Act in respect of DDBs.
[D] Whether ... Capital Gain as held by
the A0 and allowing deduction u/s 54EC of the Act.
[E] Whether the Hon'ble ITAT has erred
