https://www.taxtmi.com/caselaws?id=347620 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim under Section 54EC of the IT Act for investments in RECL Bonds exceeding Rs. 50 lakhs in two different financial years, resulting in a total exemption of Rs. 1 crore. The Tribunal emphasized that the proviso to Section 54EC permits investments of Rs. 50 lakhs each in two different financial years within the six-month period, rejecting the Revenue's appeal to set aside the CIT(A) order. The Tribunal clarified that the restriction is on the investment per financial year, not on the total exemption amount, and the subsequent amendment does not apply retrospectively. en-us Mon, 04 Sep 2017 00:00:00 +0530 Thu, 07 Sep 2017 14:03:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347620 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's claim under Section 54EC of the IT Act for investments in RECL Bonds exceeding Rs. 50 lakhs in two different financial years, resulting in a total exemption of Rs. 1 crore. The Tribunal emphasized that the proviso to Section 54EC permits investments of Rs. 50 lakhs each in two different financial years within the six-month period, rejecting the Revenue's appeal to set aside the CIT(A) order. The Tribunal clarified that the restriction is on the investment per financial year, not on the total exemption amount, and the subsequent amendment does not apply retrospectively. Case-Laws Income Tax Mon, 04 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347620