https://www.taxtmi.com/caselaws?id=760266 ITAT Ahmedabad allowed the assessee's appeal regarding excess deduction claimed under Section 54EC. The assessee invested capital gains from property sale in REC/NHAI bonds, claiming Rs. 1 crore deduction across two financial years within six months of transfer. The tribunal held that the Rs. 50 lakh investment cap was not applicable for the relevant assessment year, as the restrictive amendment was introduced prospectively from AY 2015-16. Following HC precedents, the tribunal deleted the Rs. 50 lakh addition made by CIT(A). en-us Tue, 15 Oct 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760266 ITAT Ahmedabad allowed the assessee's appeal regarding excess deduction claimed under Section 54EC. The assessee invested capital gains from property sale in REC/NHAI bonds, claiming Rs. 1 crore deduction across two financial years within six months of transfer. The tribunal held that the Rs. 50 lakh investment cap was not applicable for the relevant assessment year, as the restrictive amendment was introduced prospectively from AY 2015-16. Following HC precedents, the tribunal deleted the Rs. 50 lakh addition made by CIT(A). Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760266