https://www.taxtmi.com/caselaws?id=243228 The Appellate Tribunal ITAT Chennai held that the assessee was eligible for the full deduction of Rs. 1.00 crore under section 54EC of the Income Tax Act. The Tribunal interpreted the proviso limiting the claim to Rs. 50 lakhs on a financial year basis, allowing the assessee's investment of Rs. 50 lakhs in two different financial years within the six-month period. Emphasizing equitable distribution of benefits, the Tribunal rejected the Revenue's argument and allowed the appeal, citing a similar decision and noting the inapplicability of a relied-upon case law. en-us Tue, 25 Jun 2013 00:00:00 +0530 Mon, 27 Jan 2014 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243228 The Appellate Tribunal ITAT Chennai held that the assessee was eligible for the full deduction of Rs. 1.00 crore under section 54EC of the Income Tax Act. The Tribunal interpreted the proviso limiting the claim to Rs. 50 lakhs on a financial year basis, allowing the assessee's investment of Rs. 50 lakhs in two different financial years within the six-month period. Emphasizing equitable distribution of benefits, the Tribunal rejected the Revenue's argument and allowed the appeal, citing a similar decision and noting the inapplicability of a relied-upon case law. Case-Laws Income Tax Tue, 25 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243228