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The ITAT held that profits arising from the slump sale of an SEZ unit, including land classified as a long-term capital asset, qualify for deduction under Section 54EC, subject to the capital gain arising from transfer of land or building. The Tribunal rejected the Pr. CIT's view that the entire business undertaking should be treated as a single asset, thereby disallowing the deduction. Since the slump sale included land with a book value reflected in Form 3CA, the assessee was entitled to claim the Section 54EC deduction to the extent of the capital gains attributable to the land. The Tribunal found no error in the Assessing Officer's allowance of Rs. 50 lakhs as deduction under Section 54EC and set aside the Pr. CIT's order that had disallowed the claim. The AO's order was restored and the assessee's appeal was allowed.
The ITAT held that profits arising from the slump sale of an SEZ unit, including land classified as a long-term capital asset, qualify for deduction under Section 54EC, subject to the capital gain arising from transfer of land or building. The Tribunal rejected the Pr. CIT's view that the entire business undertaking should be treated as a single asset, thereby disallowing the deduction. Since the slump sale included land with a book value reflected in Form 3CA, the assessee was entitled to claim the Section 54EC deduction to the extent of the capital gains attributable to the land. The Tribunal found no error in the Assessing Officer's allowance of Rs. 50 lakhs as deduction under Section 54EC and set aside the Pr. CIT's order that had disallowed the claim. The AO's order was restored and the assessee's appeal was allowed.
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