https://www.taxtmi.com/caselaws?id=342430 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax Appeals (CIT-A) in a case concerning the interpretation of Section 54EC of the Income Tax Act. The dispute revolved around the exemption on investment in REC Bonds exceeding the statutory limit of Rs. 50,00,000 in a financial year. The ITAT determined that the second proviso to Section 54EC, which imposed the investment limit, was not applicable for the assessment year in question. Consequently, the assessee's investment of Rs. 1 crore split over two financial years was deemed permissible under the law, leading to the dismissal of the Revenue's appeal. en-us Thu, 27 Apr 2017 00:00:00 +0530 Thu, 04 May 2017 07:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342430 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax Appeals (CIT-A) in a case concerning the interpretation of Section 54EC of the Income Tax Act. The dispute revolved around the exemption on investment in REC Bonds exceeding the statutory limit of Rs. 50,00,000 in a financial year. The ITAT determined that the second proviso to Section 54EC, which imposed the investment limit, was not applicable for the assessment year in question. Consequently, the assessee's investment of Rs. 1 crore split over two financial years was deemed permissible under the law, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342430