https://www.taxtmi.com/caselaws?id=311396 The appellate tribunal upheld the CIT(A)'s decision, allowing the assessee's deduction claim of Rs.1 crore under Section 54EC of the Income Tax Act. The tribunal ruled that reinvestment of capital gains in two financial years within six months was permissible, aligning with a Madras HC judgment. The tribunal dismissed the Revenue's appeal, affirming that the amendment restricting the deduction to Rs.50 lakhs did not apply to the assessment year in question. The judgment, pronounced on November 1, 2017, favored the assessee, validating the spread of the deduction claim over two financial years. en-us Wed, 01 Nov 2017 00:00:00 +0530 Sat, 23 Dec 2023 09:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311396 The appellate tribunal upheld the CIT(A)'s decision, allowing the assessee's deduction claim of Rs.1 crore under Section 54EC of the Income Tax Act. The tribunal ruled that reinvestment of capital gains in two financial years within six months was permissible, aligning with a Madras HC judgment. The tribunal dismissed the Revenue's appeal, affirming that the amendment restricting the deduction to Rs.50 lakhs did not apply to the assessment year in question. The judgment, pronounced on November 1, 2017, favored the assessee, validating the spread of the deduction claim over two financial years. Case-Laws Income Tax Wed, 01 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311396