SHRI. SHRIKRISHNA SHANKARRAO JOG,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME-TAX-CIRCLE-1, NAGPUR

ITA 88/NAG/2011Status: DisposedITAT Nagpur27 March 2019AY 2007-085 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the denial of deduction under Section 54EC, stating that the investment was made beyond the statutory period of six months from the date of capital asset transfer. Therefore, the assessee was not eligible for the exemption.

What were the facts?

The assessee claimed deduction under Section 54EC for investment in specified bonds made in February 2007, after the expiry of the six-month period from the date of capital asset transfer (April 2006). The authorities below denied this deduction.

What were the issues?

Whether the assessee is eligible for deduction under Section 54EC when the investment in specified bonds is made beyond the prescribed six-month period from the date of transfer of the capital asset.

Which sections of the Income-tax Act were involved?

Section 54EC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri V.V. Saranjame
For Respondent: Shri U.U. Kasar

PER VIKAS AWASTHY, JM :

This appeal has been filed by the assessee assailing the order of Commissioner of Income Tax (Appeals)-I, Nagpur dated 28-02-2011 for the assessment year 2007-08. 2. The assessee in appeal has raised 3 grounds as under :

“1. That, the learned CIT(Appeals) I was not justified in giving direction for computation of Long Term Capital Gains only.

The order continues below.

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