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TMI Blog2014 (1) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... ligible to claim exemption upto Rs. 1 Crore - Claim of the assessee for exemption upto Rs. 1 Crore has to be allowed in accordance with Section 54EC of the Act - No material has been brought on record to show that the decision of the Tribunal is either modified or reversed by any higher Court – Decided in favour of Assessee. - ITA No. 411/Mds/2013 - - - Dated:- 25-6-2013 - Dr.O.K. Narayanan And V. Durga Rao , JJ. For the Appellant : Saroj Kumar Parida. For the Respondent : Guru Bashyam. ORDER:- PER : V. Durga Rao This assessee's appeal is directed against the order of the Commissioner of Income Tax (Appeals) - IX, Chennai dated 27.12.2012 relevant to the assessment 2009-10. 2. The only effective ground raised in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50.00 lakhs each in two different assessment years. The ld. CIT(Appeals) has not agreed to the submissions of the assessee and confirmed the order of the Assessing Officer by following the decision of Hon'ble Madras High Court in the case of Areva T D India Ltd. (supra). 5. On being aggrieved, the assessee preferred an appeal before the Tribunal. 6. At the time of hearing, the ld. Counsel for the assessee submitted that the issue involved in this appeal of the assessee is squarely covered by the decision of the Coordinate Bench of the Tribunal in the case of Smt. Sriram Indubal v. ITO in I.T.A. No. 1950/Mds/2012 for the assessment year 2008-09 vide order dated 31.01.2013. 7. On the other hand, the ld. DR supported the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds. (1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say; (a) If the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45; (b) If the cost of the long-term s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planatory Memorandum is reproduced for brevity:- The quantum of investible bonds issued by NHAI and REC being limited, it was felt necessary to ensure that the benefit was available to all the investors. For this purpose, it was necessary to ensure that the limited number of bonds available for subscription is also available for small investors. Therefore, with a view to ensure equitable distribution of benefits amongst prospective investors, the government decided to impose a ceiling on the quantum of investment that could be made in such bonds. Accordingly, the said section has been amended so as to provide for a ceiling on investment by an assessee in such long-term specified assets. Investments in such specified assets to av ..... X X X X Extracts X X X X X X X X Extracts X X X X
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