ASST CIT CEN CIR 3, THANE vs. PRAKASH GUNAJISAWARDEKAR, THANE

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ITA 6642/MUM/2014Status: DisposedITAT Mumbai09 June 2016AY 2009-1011 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that Section 54EC of the Income Tax Act does not restrict investment of Rs. 50 lakhs in two different financial years, provided the investments are made within six months of the capital gain realization. The CIT(A)'s deletion of the addition was upheld.

What were the facts?

The assessee sold shares resulting in capital gains and invested Rs. 1 crore in REC bonds. The Assessing Officer allowed exemption only up to Rs. 50 lakhs, citing the limit per financial year. The assessee argued that investments were made in two different financial years.

What were the issues?

Whether the limit of Rs. 50 lakhs for investment under Section 54EC applies per financial year or per assessee across financial years when investments are made within the stipulated time frame.

Which sections of the Income-tax Act were involved?

Section 54EC

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCHES “C”, MUMBAI

Before: Shri Joginder Singh & Shri Rajendra

For Respondent: Dr. Darsi Suman Ratnam-DR
Hearing: 09/06/2016

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to :

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