TaxTMI 
TaxTMI 
2015 (8) TMI 961
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....V. DURGA RAO, JUDICIAL MEMBER: This assessee's appeal is directed against the order of the Commissioner of Income Tax (Appeals) - XII, Chennai dated 05.06.2012 relevant to the assessment 2007-08. 2. The only effective ground raised in the appeal of the assessee is that the CIT(Appeals) has erred in confirming the disallowance of exemption claimed under section 54EC of the Income Tax Act of Rs. ....
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.... sale of the original asset. Hence, the Assessing Officer denied claim of the assessee. 4. On being aggrieved, the assessee carried the matter in appeal before the ld. CIT(Appeals). 5. The ld. CIT(Appeals), after considering the submissions of the assessee, has observed that assessee's claim of non-availability of REC Bonds in the market as on the last date to invest on 21.05.2007 is not genuine....
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.... 8. On the other hand, the ld. DR strongly supported the orders passed by the authorities below. 9. We have heard both sides, perused the records and gone through the orders of authorities below. The assessee has sold his capital asset on 22.11.2006 and earned a long term capital gains of Rs. 87,30,428/- and claimed exemption under section 54EC of the Act. The case of the assessee is that the ass....
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....Rural Electrification bonds were available upto 03.08.2006 and the respondent assessee should have purchased the bonds before 03.08.2006 is not sustainable as the time given by the statute to invest in bonds under section 54EC of the Act is six months from the date of sale and, therefore, the respondent was entitled in law to wait till 21.09.2006 to invest in the bonds". In the present case, the a....