https://www.taxtmi.com/caselaws?id=389196 The Tribunal allowed the assessee's appeal, permitting a deduction of Rs. 1 crore under Section 54EC for investments made in two different financial years, contrary to the Assessing Officer and Commissioner of Income Tax (Appeals) interpretation limiting the investment to Rs. 50 lakhs per financial year. The Tribunal held that the legislative intent and precedents supported the assessee's position, allowing the benefit of Rs. 1 crore when investments were made within six months of the transfer of the original asset, even if spread over two financial years. The Tribunal directed the Assessing Officer to grant the deduction as claimed by the assessee. en-us Fri, 29 Nov 2019 00:00:00 +0530 Tue, 03 Dec 2019 11:25:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389196 The Tribunal allowed the assessee's appeal, permitting a deduction of Rs. 1 crore under Section 54EC for investments made in two different financial years, contrary to the Assessing Officer and Commissioner of Income Tax (Appeals) interpretation limiting the investment to Rs. 50 lakhs per financial year. The Tribunal held that the legislative intent and precedents supported the assessee's position, allowing the benefit of Rs. 1 crore when investments were made within six months of the transfer of the original asset, even if spread over two financial years. The Tribunal directed the Assessing Officer to grant the deduction as claimed by the assessee. Case-Laws Income Tax Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389196