Case law u/s 54ec

Others 582 views 6 replies

Hello,

My client has invested his capital gain in NHAI bonds within 6 months as per the time limit mentioned under section 54EC. But the 6 months has falled in 2 separate financial years because of which the exemption has been disallowed. I have submitted the circular of CBDT and variou Cases of Banglore and chennai tribunal. But the officer is asking for Case under mumbai jurisdiction, which i am not able to trace.

Can any one please help me out and provide me with a case law for the same under mumbai Jurisdiction

Replies (6)

6 months fallen in two separate financial year? Can you give more details?

means the investments were made twice 1st was before 31st march 2013 and next was after 31st march 2013, but it was within 6 months period

One is required to invest in 54EC bonds within a period of 6 months not exceeding 50 lacs in a financial year. And you did just that and also before filing your ITR. The AO is being unreasonable in disallowing the exemption. If the AO disallows the exemption, one may go for CIT(appeal). 

Thanx for your reply mihir

As per our latest hearing with the A.O. he is ready to give us the exemption but requires a case law which supports our point.

dear.. search on google u will surely get case law

And the case law must of Mumbai Jurisdiction only which i m not able to find anywere, so if you can help me out then i wll be gratefull to you


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