2015 (12) TMI 893

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....e Ld.CIT(A) erred in allowing exemption u/s 54EC of IT Act on investment of Rs. 50,00,000/- made by the assessee in the NHAI Ltd. bonds without appreciating the fact that the investment was made beyond the period of six months from the date of transfer of the shares of Sacham Electronics Ltd. on which the assessee had earned long capital gains." 2. "On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in allowing exemption u/s54EC of IT Act on investment of Rs. 50,00,000/- made by the assessee in the NHAI Ltd. bonds on 30/09/2010 without appreciating the fact that the investment was made beyond the period of six months from 05/03/2010, being the date of transfer of the shares of Sacham Electronics Ltd. on whi....

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....n reliance was also placed on various judicial pronouncements which includes the decision of ITAT, Mumbai in the case of Yahya E. Dhariwala vs. DCIT in ITA No.5501/Mum/2009 order dated 25/11/2011, Ld.CIT(A) has accepted such contention of the assessee and granted the relief to the assessee. The Revenue is aggrieved, hence, has raised aforementioned grounds. 3. Ld. DR relied upon the assessment order passed by the Assessing Officer and pleaded that Ld. CIT(A) has committed an error in granting relief to the assessee. 4. On the other hand, Dr. K.Shivram, Ld. Sr. Counsel for the assessee submitted that Ld. CIT(A) has rightly allowed the claim of the assessee and the claim of the assessee is not only supported by the decision relied upon ....