Section 54EC Tax Exemption: Fund Tracing Not Required for Asset Purchase Deduction Under Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exemption u/s 54EC - once money is deposited in the bank account it gets merged with other funds of the assessee and it is impossible to locate which funds have been used for purchase of specified assets because the normal businessman would keep on doing various transactions in the bank account. Deduction allowed - AT....