https://www.taxtmi.com/caselaws?id=755217 The ITAT Ahmedabad dismissed the Revenue's appeal regarding LTCG deduction under section 54EC for REC bond investments. The assessee had invested Rs 50 lakh each in REC bonds on three occasions in 2010, prior to property sale generating LTCG. The CIT(A) allowed deduction without Rs 50 lakh restriction, holding that the second proviso to section 54EC(1) limiting investment to Rs 50 lakh was inserted with effect from 01.04.2015 and applied prospectively only. Since the assessee's investments were made in 2010, before the amendment, the restriction did not apply. The ITAT upheld this decision, finding no infirmity in the CIT(A)'s order. en-us Fri, 05 Jul 2024 00:00:00 +0530 Wed, 05 Mar 2025 13:04:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755217 The ITAT Ahmedabad dismissed the Revenue's appeal regarding LTCG deduction under section 54EC for REC bond investments. The assessee had invested Rs 50 lakh each in REC bonds on three occasions in 2010, prior to property sale generating LTCG. The CIT(A) allowed deduction without Rs 50 lakh restriction, holding that the second proviso to section 54EC(1) limiting investment to Rs 50 lakh was inserted with effect from 01.04.2015 and applied prospectively only. Since the assessee's investments were made in 2010, before the amendment, the restriction did not apply. The ITAT upheld this decision, finding no infirmity in the CIT(A)'s order. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755217