Devolution and holding period: include prior owner's holding to treat asset as long-term; 54EC allowed, 54 remanded.

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....Where a capital asset devolved on the assessee by succession or trust devolution, the period for which the asset was held by the previous owner/trust is to be included in computing holding period, making the asset a long-term capital asset. The Tribunal upheld allowance of exemption for investment in specified bonds, finding no material contradicting compliance with the bond-investment timing. Claim under the residential-house reinvestment exemption required actual purchase evidence; only an agreement was produced, so the matter was remanded to the Assessing Officer to verify execution of a registered conveyance/purchase deed within the statutory period and decide after hearing the assessee.....