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54EC Exemption where more than one assest is transferred

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(Querist)
20 January 2009 For assestment year 2006 - 2007 where more than one assest has been transferred and the aseessee has invested the profits arising out of such transfer in NABARD bonds (3 years) in each case of transfer. The income tax officer allowed only one exemption claiming that 54EC uses word 'a' capital assest in its defination and hence can be applicable to only one assest in the relavant year. The profit arising out of the remaining assest will be taken as LTG and taxed accordingly.
Assesee would like to appeal that
The word ‘a’ does not necessarily mean ‘ONE’ only. The word ‘a’ used as per English grammer also refers to ‘ANY ONE UNIT AS REPRESENTATIVE OF A CLASS’. For example, ‘A’ pupil should obey his teacher or ‘A’ cow is a useful animal. Here in these sentences, ‘A’ is used, to mean Any One In A Class. This was the intention of the legislature as per assesee.
Is the assessee right ? Please note that here the 54EC exemption has been disallowed at the source of and not the destination as in the case of Sushila Jhaveri where the proceeds were invested in more than one flat.
Please help by your opinion
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
21 January 2009 Yes, the assessee is right and exemption u/s 54EC is not restricted to sale of one assets only.
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