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TMI Blog2015 (10) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... ssioner of Income-tax, Circle-5, Baroda [2012 (4) TMI 195 - ITAT AHMEDABAD] - Decided in favour of assessee. - I .T.A. No.6619/Mum/2013 - - - Dated:- 23-4-2014 - SHRI P.M. JAGTAP AND SHRI VIVEK VARMA, JJ. For the Appellant : Shri Jignesh R. Shah For the Respondent : Shri M.L. Perumal ORDER P. M. Jagtap (Accountant Member).- This appeal filed by the assessee is directed against the order of the learned Commissioner of Income-tax (Appeals)-25, Mumbai, dated October 9, 2013 and the main issue involved therein as raised in ground No. 2 relaters to the disallowance made by the Assessing Officer and confirmed by the learned Commissioner of Income- tax (Appeals) on account of the assessee's claim for exemption of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with section 147 of the Act by an order dated November 23, 2012, he denied the claim of the assessee for exemption under section 54EC of the Act to the extent of ₹ 34,59,538 rejecting the contention of the assessee that the limit of ₹ 50 lakhs was not an overall absolute limit and it was only an investment applicable for the financial year. 3. The disallowance made by the Assessing Officer on account of claim for exemption of ₹ 34,59,538 under section 54EC of the Act was disputed by the assessee in an appeal filed before the learned Commissioner of Income-tax (Appeals) and after considering the submissions made by the assessee as well as the material available on record, the learned Commissioner of Income-tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a class of assessees (i.e., who earn capital gain in the second half of a financial year). After all, the purpose of putting the restriction over allowable investment is to give equal chance to all assessees out of limited amount of RFC/NHAI bonds notified at a particular point of time, and also to distribute the same to maximum number of assessee, rather than putting some of the assessees to undue advantage at the cost of other assessees. Aggrieved by the order of the learned Commissioner of Income-tax (Appeals), the assessee has preferred this appeal the Tribunal. 4. We have heard the arguments of both sides and also perused the relevant material available on record. As submitted by learned counsel for the assessee, the issue invol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of Areva T and D India Ltd. [2010] 326 ITR 540 (Mad) was rendered in the context of writ petition filed by the assessee challenging the amendment to section 54EC of the Act by the Finance Act, 2007, with retrospective effect from April 1, 2006 and the same therefore was not applicable in the context of interpretation of proviso to section 54EC of the Act which allowed the deduction to the assessee in respect of investment of ₹ 50 lakhs made in the eligible bonds in two different financial years. At the time of hearing, the learned Departmental representative has submitted that the decision of the Jaipur Bench of the Income-tax Appellate Tribunal in the case of Asst. CIT v. Raj Kumar Jain and Sons (HUF) (I. T. A. No. 648/JP/2011, or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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