2015 (2) TMI 1183

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s noted the Facts in Para 5 of the Order. In brief those are, Assessee has made Investment U/s 54EC as under. On 28.03.2008 Rs. 50 Lakhs in Bonds of NHAI On 22.08.2008 Rs. 50 Lakhs in Bonds of REC ltd Assessee claimed the date of Transfer of property U/s 2(47) of IT Act 1961, as date of handing over possession to purchaser i.e. 01.03.2008. Whereas Assessing Officer preponed the same to 13.09.2007 being date of Registration of Development Agreement. CIT (A) confirmed Assessing Officer's action resulting both the investments U/s 54 EC beyond six months from the date of alleged transfer 13.09.2007. Honourable Bench is pleased to confirm the date of transfer as 01.03.2008 as claimed by the Assessee.   2 However, in Para 5 of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e has been made to the discussion in the assessment order to substantiate that the date of investment of Rs. 50,00,000/- made in the bonds of REC Ltd. is indeed 22.08.2008. Secondly, it is pointed out that in para 5 itself, the Tribunal has wrongly noted that the investment made in the bonds of NHAI on 23.02.2008 of Rs. 50,00,000/- was held by the Assessing Officer within the period prescribed in section 54EC of the Act. In this context, the Ld. Representative for the assessee pointed out that the Assessing Officer denied the claim of deduction u/s 54EC of the Act in relation to both the investments i.e. investment made in the bonds of NHAI on 28.03.2008 of Rs. 50,00,000/- as well as the investment of Rs. 50,00,000/- made in the bonds of RE....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y the Assessing Officer. The Tribunal merely directed for the allowance of deduction u/s 54EC of the Act in relation to the investment of Rs. 50,00,000/- made in the bonds of REC Ltd. on 22.08.2008. Therefore, on this aspect also, the assessee has pointed out that the error needs to be corrected.   4 6. Ostensibly, the Ld. Departmental Representative converged with the stand of the assessee that the aforesaid mistakes are within the purview of section 254(2) of the Act. 7. As a consequence, we direct the following modification in the order of the Tribunal dated 30.04.2014 (supra). 8. The following portion of para 5 : "5. .................... As per the Assessing Officer, the investment in the bonds of NHAI made on 28.03.2008 of Rs.....