Om Prakash & Sons(HUF), New Delhi ACIT, Circle-56(1), New Delhi

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Last updated: 24 December 2020
Quick Summary
This case involves Om Prakash & Sons (HUF) appealing a decision on their Income Tax deduction under Section 54EC. The assessee claimed a deduction of Rs 1 crore based on purchasing REC Bonds across two financial years. However, the Assessing Officer restricted this deduction to Rs 50 lakh, citing amendments made by the Finance Act, 2014, which limited the deduction under Section 54EC to Rs 50 lakh.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the assessee against the order of the CIT (Appeals)-19, New Delhi, dated 24.05.2017 for Assessment Year 2013-14 wherein the dispute is with respect to the disallowance of deduction under Section 54EC of the Income Tax Act, 1961 (the Act).

Citation :
ITA. No. 4934/Del/2017

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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