https://www.taxtmi.com/caselaws?id=450012 The ITAT allowed the appeal filed by the assessee, overturning the CIT(A)'s decision that denied exemption under section 54EC of the Income Tax Act, 1961. The Tribunal clarified that filing a return of income is not a prerequisite for claiming exemption under section 54EC. Consequently, the AO was directed to grant the exemption for the assessee's investment in REC Ltd., despite the absence of a filed return. The Tribunal's decision emphasized the non-mandatory nature of filing a return for claiming such exemptions, aligning with the statutory provisions. en-us Wed, 21 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 09:28:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450012 The ITAT allowed the appeal filed by the assessee, overturning the CIT(A)'s decision that denied exemption under section 54EC of the Income Tax Act, 1961. The Tribunal clarified that filing a return of income is not a prerequisite for claiming exemption under section 54EC. Consequently, the AO was directed to grant the exemption for the assessee's investment in REC Ltd., despite the absence of a filed return. The Tribunal's decision emphasized the non-mandatory nature of filing a return for claiming such exemptions, aligning with the statutory provisions. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450012