2019 (2) TMI 522

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....ct") to Rs. 50,00,000/-. The grounds raised by the assessee reads as under : "1) On the facts in the circumstances of the case and I law the Lower Authorities have erred in restricting the claim of Exemption u/s. 54EC of the Income Tax Act, 1961 from Rs. 97,32,657/- to Rs. 50,00,000/- by disregarding appellants contention and clear provision of law. The appellant craves for to leave, add, alter, modify, delete above ground of appeal before or at the time hearing, in the interest of natural justice." 2. Shri Pramod Shingte appearing on behalf of the assessee submitted that the assessee in his return of income claimed exemption u/s. 54EC of the Act in respect of investment made in Rural Electrification Corporation (REC) Bonds Rs. 97,32,6....

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....emently defended the order of Commissioner of Income Tax (Appeals). However, the ld. DR fairly admitted that the Tribunal in immediately preceding assessment year has allowed the exemption to the assessee u/s. 54EC on the entire amount of investment. The ld. DR informed that the Department has filed appeal before the Hon'ble High Court against the said order of Tribunal. 4. Both sides heard. The orders of authorities below perused. The only issue raised by the assessee in appeal is against restricting the claim of exemption u/s. 54EC to the extent of Rs. 50,00,000/-. We find that on similar set of facts the assessee had approached the Tribunal in assessment year 2012-13 in ITA No. 40/PUN/2016 (supra). The ground of appeal raised by assesse....