https://www.taxtmi.com/caselaws?id=447346 The ITAT Ahmedabad allowed the assessee's appeal regarding deduction under Section 54EC for investment in REC Bonds. The tribunal held that exemption under Section 54EC cannot be denied merely because short-term capital gain was deemed under Section 50, following Gujarat HC precedent in Aditya Medisales Ltd. Additionally, the tribunal ruled that investment of Rs. 50 lakhs each in two financial years within six months of asset transfer qualifies for deduction, citing Madras HC decision in C. Jaichander. The tribunal applied General Clauses Act 1897 to interpret "six months" as British calendar months, determining the assessee's investment on 30.06.2014 fell within the prescribed period from the 16.12.2013 asset sale date. en-us Wed, 20 Dec 2023 00:00:00 +0530 Fri, 22 Dec 2023 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447346 The ITAT Ahmedabad allowed the assessee's appeal regarding deduction under Section 54EC for investment in REC Bonds. The tribunal held that exemption under Section 54EC cannot be denied merely because short-term capital gain was deemed under Section 50, following Gujarat HC precedent in Aditya Medisales Ltd. Additionally, the tribunal ruled that investment of Rs. 50 lakhs each in two financial years within six months of asset transfer qualifies for deduction, citing Madras HC decision in C. Jaichander. The tribunal applied General Clauses Act 1897 to interpret "six months" as British calendar months, determining the assessee's investment on 30.06.2014 fell within the prescribed period from the 16.12.2013 asset sale date. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447346