https://www.taxtmi.com/caselaws?id=254509 The Madras HC held that Section 54EC(1) exemption should be construed financial year-wise, not transaction-wise. An assessee can invest Rs. 50 lakhs in bonds in two different financial years within six months of property transfer and claim exemption for both investments. The court clarified that while Section 54EC(1) restricts investment time to six months from transfer date, there is no overall cap on bond investments. The first proviso limits investment to Rs. 50 lakhs per financial year, meaning if investments spanning two financial years fall within the six-month period, benefits cannot be denied. The revenue's appeal was dismissed. en-us Tue, 16 Dec 2014 00:00:00 +0530 Sat, 24 May 2025 10:23:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254509 The Madras HC held that Section 54EC(1) exemption should be construed financial year-wise, not transaction-wise. An assessee can invest Rs. 50 lakhs in bonds in two different financial years within six months of property transfer and claim exemption for both investments. The court clarified that while Section 54EC(1) restricts investment time to six months from transfer date, there is no overall cap on bond investments. The first proviso limits investment to Rs. 50 lakhs per financial year, meaning if investments spanning two financial years fall within the six-month period, benefits cannot be denied. The revenue's appeal was dismissed. Case-Laws Income Tax Tue, 16 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254509