effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable ... purposes of this sub-section, the expression "insurer" shall have the meaning assigned to it in clause (9) of section 2 of the Insurance
deeming fiction created under section 50 is restricted to section 50 only or is it applicable to section 54E of the Income ... depreciable asset under section 54E cannot be denied by referring to the fiction created under section 50 . Section 54E specifically provides that where capital gain
Gains of Rs.2,87,28,750/- before claiming
exemption under Section 54B and 54F of the Act.
During the course of assessment proceedings ... representative was asked to substantiate the
claim made for exemption under section 54B and 54F of
the Act. In reply the assessee stated
apparent from Section 45 itself. The relevant portion of these sections are being extracted below:
54. Subject to the provisions of Sub-section (2), where ... specified by the Board". Similar is the position in Section 54EA . Section 54B and Section 54D also used the word "any other land
deeming fiction created under Section 50 is restricted to section 50 only or is it applicable to section 54E of the Income ... depreciable asset under section 54E cannot be denied by referring to the fiction created under section 50 . Section 54E specifically provides that where capital gain
view of the provisions of Section 54E(1) of the Income-tax Act, for claiming any exemption there under, 'investment or 'deposit ... business, or for other developmental activities, and therefore, the purpose of Section 54B is not served. The assessee was, therefore, held not entitled to exemption
assessees, viz., an individual, is substituted and the section is read, then, section 54B makes sensible reading. In the former case, the provision would read ... While a charge had been brought in in section 54(1) of the Act, section 54B of the Act had been left intact. This
short term capital asset that is not eligible for
exemption under section 54B , 54D and 54F as is clear
from CBDT Circular No.495 dated ... Section 2(14)(iii) being in an area which is
comprised within the jurisdiction of a municipality.
10. All the ingredients of Section 54B exist
dated 7-9-2001 accepting the claim of the assessee under section 54B of the Income Tax Act, 1961 (hereinafter referred ... relief under section 54B of the Act or not. Sub-section (1) of section 54B of the Act, which is relevant for our purposes, reads
deduction u/s 54E (now 54EC), in the light of the spirit and purpose
of the section. The appellant stated that sec. 54E and 54EC ... same logic which
applies to sec. 54E , should also apply with equal force to the relief
u/s 54B claimed by the assessee.
Since
