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2022 (7) TMI 61 - ITAT JABALPURRevision u/s 263 - revision of the assessee”s reassessment, proceedings for which were initiated in view of the discrepancies that came to the notice of AO in the assessee”s share trading transactions, found to be in order in assessment, was the claim for exemption u/s. 54EC - HELD THAT:- The matter in the instant case, as is apparent, is rather purely legal, so that there is no scope of any inquiry. As regards the different interpretation of s. 54EC by the ld. Pr. CIT, which is the basis of his order, we find no such limitation in the (first) proviso to sec. 54EC(1), which (limitation) rather stands introduced w.e.f. 01/04/2015, i.e., AY 2015-16 onwards, and which itself clarifies that no such limitation obtained prior thereto. Reference, with profit, in this context, be made to the decision in DIT vs. Mitsubishi Corporation [2021 (9) TMI 875 - SUPREME COURT] explaining the relevant principle of interpretation of statues. Both the conditions, being of investment at no more than Rs. 50 lacs in any one financial year and, two, of investment in a notified asset, to be made within six months of the date of transfer (of the relevant long-term capital asset), prescribed by the section, are met, and on which aspect no doubt stands expressed by the ld. Pr. CIT. There is, in our view, no incorrect application of law by the AO, which would render his order infirm and, thus, liable for revision u/s. 263, which accordingly fails. The impugned order is not sustainable in law, and is accordingly cancelled. Assessee appeal allowed.
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