https://www.taxtmi.com/caselaws?id=327506 The Tribunal ruled in favor of the assessee in a case involving denial of exemption under Section 54EC of the Income Tax Act for investments in REC capital gains bonds falling in two financial years. The Tribunal held that the assessee complied with the provisions by investing within six months and that the restriction to Rs. 50,00,000 per financial year was prospective from 01.04.2015. Additionally, the Tribunal determined that the income of minor children should be computed after allowing the exemption under Section 54EC before clubbing with the parent's income. The AO was directed to delete the additions and grant exemptions for both the assessee and the minor children. en-us Wed, 04 May 2016 00:00:00 +0530 Thu, 12 May 2016 01:23:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327506 The Tribunal ruled in favor of the assessee in a case involving denial of exemption under Section 54EC of the Income Tax Act for investments in REC capital gains bonds falling in two financial years. The Tribunal held that the assessee complied with the provisions by investing within six months and that the restriction to Rs. 50,00,000 per financial year was prospective from 01.04.2015. Additionally, the Tribunal determined that the income of minor children should be computed after allowing the exemption under Section 54EC before clubbing with the parent's income. The AO was directed to delete the additions and grant exemptions for both the assessee and the minor children. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327506