Section 54EC Tax Exemption: Fund Tracing Not Required for Asset Purchase Deduction Under Income Tax Act.

Section 54EC Tax Exemption: Fund Tracing Not Required for Asset Purchase Deduction Under Income Tax Act. https://www.taxtmi.com/highlights?id=5314 Exemption u/s 54EC - once money is deposited in the bank account it gets merged with other funds of the assessee and it is impossible to locate which funds have been used for purchase of specified assets because the normal businessman would keep on doing various transactions in the bank account. Deduction allowed - AT en-us Thu, 13 Sep 2012 10:23:16 +0530 Thu, 13 Sep 2012 10:23:16 +0530 TaxTMI RSS Generator Section 54EC Tax Exemption: Fund Tracing Not Required for Asset Purchase Deduction Under Income Tax Act. https://www.taxtmi.com/highlights?id=5314 Exemption u/s 54EC - once money is deposited in the bank account it gets merged with other funds of the assessee and it is impossible to locate which funds have been used for purchase of specified assets because the normal businessman would keep on doing various transactions in the bank account. Deduction allowed - AT Highlights Income Tax Thu, 13 Sep 2012 10:23:16 +0530 https://www.taxtmi.com/highlights?id=5314