https://www.taxtmi.com/caselaws?id=333513 The Tribunal allowed the assessee's appeal regarding the restriction of exemption claimed under section 54EC of the Income Tax Act to Rs. 50 lakhs instead of Rs. 1 crore. The Tribunal held that for the assessment year in question, the assessee could claim the exemption of Rs. 1 crore by making investments of Rs. 50 lakhs each in two different financial years. The Tribunal directed the Assessing Officer to allow the assessee the exemption of Rs. 1 crore under section 54EC, reversing the decisions of the lower authorities. en-us Wed, 24 Aug 2016 00:00:00 +0530 Sat, 15 Oct 2016 11:30:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333513 The Tribunal allowed the assessee's appeal regarding the restriction of exemption claimed under section 54EC of the Income Tax Act to Rs. 50 lakhs instead of Rs. 1 crore. The Tribunal held that for the assessment year in question, the assessee could claim the exemption of Rs. 1 crore by making investments of Rs. 50 lakhs each in two different financial years. The Tribunal directed the Assessing Officer to allow the assessee the exemption of Rs. 1 crore under section 54EC, reversing the decisions of the lower authorities. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333513