CIT v. C. Jaichander

VALMIK THAPAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX 18

Appeal is allowed and the additions made by the AO in the

Bench: HON'BLE MR. JUSTICE VIBHU BAKHRU,HON'BLE MR. JUSTICE TEJAS KARIA

…ion under Section 54EC of the Act is confined to ₹50,00,000/- only – the same was also not sustained by the learned ITAT. The learned ITAT had following the decision of the Madras High Court in Commissioner of Income-tax, Chennai v. C. Jaichander: (2015) 370 ITR 579 concluded that the issue whether a deduction under Section 54EC of the Act could exceed the said amount, as claimed by the Assessee, was covered in the Assessee’s favour. The Revenue’s appeal against the CIT(A)’s order was, accordingly dismissed. Digitally Signed By:TARUN RANA Signing Date:04.04.2025 15:27:54 Signature Not Verified…

THE COMMISSIONER OF INCOME TAX -INTERNATIONAL TAXATION-1 vs. REEMA CHAWLA

Appeals are dismissed

Bench: HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV,HON'BLE MR. JUSTICE YASHWANT VARMA

…(supra) has held as under (page 589 of 370 ITR): "The issue involved in this appeal is no longer res integra in view of the decision of this court in CIT v. C. Jaichander (order dated September 15, 2014, made in T. C. (A.) Nos. 419 and 533 of 2014—(2015) 370 ITR 579 (Mad), to which one of us—R. Sudhakar J. is a party). In the said decision, this court held as under (page 583): „The key issue that arises for consideration is whether the first proviso to section 54EC(1) of the Act would restrict the benefit of investment of capital gains in bonds to that financial year during which the property was sold…

THE COMMISSIONER OF INCOME TAX -INTERNATIONAL TAXATION-1 vs. REEMA CHAWLA

Appeals are dismissed

…(supra) has held as under (page 589 of 370 ITR): "The issue involved in this appeal is no longer res integra in view of the decision of this court in CIT v. C. Jaichander (order dated September 15, 2014, made in T. C. (A.) Nos. 419 and 533 of 2014—(2015) 370 ITR 579 (Mad), to which one of us—R. Sudhakar J. is a party). In the said decision, this court held as under (page 583): „The key issue that arises for consideration is whether the first proviso to section 54EC(1) of the Act would restrict the benefit of investment of capital gains in bonds to that financial year during which the property was sold…

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

…ion u/s 54 is allowable only for ‘one’ property. Against reopening his arguments are :- i. He submitted that deduction u/s 54EC of the act is squarely covered in favour of the assessee by the decision of Honourable Madras High Court in CIT versus C Jaichander 370 ITR 579, wherein it has been held that Where assessee invested a sum of Rs. 50 lakhs each in two different financial years, within a period of six months from date of transfer of capital asset, he was eligible for deduction under section 54EC. He submitted that for this reason, the claim of the assessee is correct, supported by the decision and therefore…

ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

…ion u/s 54 is allowable only for ‘one’ property. Against reopening his arguments are :- i. He submitted that deduction u/s 54EC of the act is squarely covered in favour of the assessee by the decision of Honourable Madras High Court in CIT versus C Jaichander 370 ITR 579, wherein it has been held that Where assessee invested a sum of Rs. 50 lakhs each in two different financial years, within a period of six months from date of transfer of capital asset, he was eligible for deduction under section 54EC. He submitted that for this reason, the claim of the assessee is correct, supported by the decision and therefore…

SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

…ion u/s 54 is allowable only for ‘one’ property. Against reopening his arguments are :- i. He submitted that deduction u/s 54EC of the act is squarely covered in favour of the assessee by the decision of Honourable Madras High Court in CIT versus C Jaichander 370 ITR 579, wherein it has been held that Where assessee invested a sum of Rs. 50 lakhs each in two different financial years, within a period of six months from date of transfer of capital asset, he was eligible for deduction under section 54EC. He submitted that for this reason, the claim of the assessee is correct, supported by the decision and therefore…

ACIT, NEW DELHI vs. SMT. SEEMA SOBTI, NEW DELHI

In the result, the appeal filed by the Revenue stand dismissed

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

…to assessment year 2015-16 and subsequent assessment years. ’’ 4.5. The purport and meaning of the above amendment qua the claim of Rs. 1 Crore u/s 54EC was examined by the Hon’ble Madras High Court in the case of CIT v. C. Jaichander, reported as [2015] 370 ITR 579 (Madras), wherein, after referring to the provisions of the Finance Act, 2014 and above- referred notes on clauses and the memorandum issued by the Board, it was held as under: “10. The legislature has chosen to remove the ambiguity in the proviso to Section 54EC(1) of the Act by inserting a second proviso with effect from 1.4.2015. The memora…

ACIT, NEW DELHI vs. SHRI PRADEEP SOBTI, NEW DELHI

In the result, both the 02 appeals filed by the Revenue stand

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

…to assessment year 2015-16 and subsequent assessment years. ’’ 4.5. The purport and meaning of the above amendment qua the claim of Rs. 1 Crore u/s 54EC was examined by the Hon’ble Madras High Court in the case of CIT v. C. Jaichander, reported as [2015] 370 ITR 579 (Madras), wherein, after referring to the provisions of the Finance Act, 2014 and above- referred notes on clauses and the memorandum issued by the Board, it was held as under: “10. The legislature has chosen to remove the ambiguity in the proviso to Section 54EC(1) of the Act by inserting a second proviso with effect from 1.4.2015. The memora…

ACIT, NEW DELHI vs. SHRI AKSHAY SOBTI, NEW DELHI

In the result, both the 02 appeals filed by the Revenue stand

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

…to assessment year 2015-16 and subsequent assessment years. ’’ 4.5. The purport and meaning of the above amendment qua the claim of Rs. 1 Crore u/s 54EC was examined by the Hon’ble Madras High Court in the case of CIT v. C. Jaichander, reported as [2015] 370 ITR 579 (Madras), wherein, after referring to the provisions of the Finance Act, 2014 and above- referred notes on clauses and the memorandum issued by the Board, it was held as under: “10. The legislature has chosen to remove the ambiguity in the proviso to Section 54EC(1) of the Act by inserting a second proviso with effect from 1.4.2015. The memora…