https://www.taxtmi.com/caselaws?id=760671 ITAT Ahmedabad allowed assessee's appeal regarding excess exemption claimed under Section 54EC. AO had restricted exemption to Rs.50 lakhs, but tribunal held that Rs.50 lakh limit applies per financial year, not cumulatively per transaction. Following precedents from Madras HC in Areva T&D India Limited and Coromandel Industries Ltd., and coordinate bench decision in Atushbhai B. Amin, tribunal ruled that investment of Rs.1 crore claimed across two financial years within six months of capital asset transfer was allowable. Addition of Rs.50 lakhs deleted; full exemption of Rs.1 crore granted under Section 54EC. en-us Tue, 01 Oct 2024 00:00:00 +0530 Thu, 24 Oct 2024 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760671 ITAT Ahmedabad allowed assessee's appeal regarding excess exemption claimed under Section 54EC. AO had restricted exemption to Rs.50 lakhs, but tribunal held that Rs.50 lakh limit applies per financial year, not cumulatively per transaction. Following precedents from Madras HC in Areva T&D India Limited and Coromandel Industries Ltd., and coordinate bench decision in Atushbhai B. Amin, tribunal ruled that investment of Rs.1 crore claimed across two financial years within six months of capital asset transfer was allowable. Addition of Rs.50 lakhs deleted; full exemption of Rs.1 crore granted under Section 54EC. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760671