effect from 1.4.2015, inserted after the existing proviso to sub-section (1) of Section 54EC of the Act, a second proviso, which reads as under ... investment in certain bonds. The existing provisions contained in sub-section (1) of section 54EC provide that where capital gain arises from the transfer
long term
capital gain of Rs.43.36 lacs under Section 54EC of the said Act by
purchasing bonds of the Rural Electrification Corporation Limited ... hereinafter referred to as "REC Bonds"). Section 54EC , insofar as it is
relevant, reads as under :-
"54EC. (1) Where the capital gain
holding that the assessee is entitled to capital gains exemption under Section 54EC even though the assessee had invested in REC bonds beyond the stipulated ... holding that the assessee is entitled to capital gains exemption under Section 54EC on the ground that the bonds were not available till the last
avail of certain benefits extended to an assessee in terms of Section 54EC of the Act.
2. If an assessee has made investment from ... section (1) of Section 3 of the National Housing Bank Act, 1987 or by the Small Industries Development Bank of India established under Sub-section
said Section. Further Sl.Nos.13 to 16, the four sale deeds effected on 23.03.2004 would be eligible for benefit of Section 54EC ... registered, on the consideration received for the purposes of Section 45 and Section 54EC of the Income Tax Act, 1961, capital gains arising
with the said Section, capital gains shall not be charged under Section 45 .
7. Secondly, one may also note that Section 54EC does not specifically ... Section 70(3) , we do not find any acceptable reason as to how Section 70(3) would stand attracted in the case of Section 54EC
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 ... assessee. Section 54E became
inoperative for transfers made on or after 1-4-1992.
4. Sections 54EA , 54EB and 54EC also provide deduction from long
investment in certain bonds. The existing provisions
contained in sub-section (1) of section 54EC provide that
where capital gain arises from the transfer ... investment in specified
bonds.
The existing provisions contained in sub-section (1) of
section 54EC of the Act provide that where capital gain
arises from
effect from 1.4.2015,
inserted after the existing proviso to sub-section (1) of Section 54EC of
the Act, a second proviso, which reads as under ... investment in certain bonds. The existing
provisions contained in sub-section (1) of section 54EC of the Act
provides that where capital gain arises from
effect from 1.4.2015, inserted after the existing proviso to
sub-section (1) of Section 54EC of the Act, a second proviso, which reads as
under ... investment in certain bonds. The
existing provisions contained in sub-section (1) of section 54EC provide that
where capital gain arises from the transfer
