9911796707
TMI Blog2019 (2) TMI 522X X X X Extracts X X X X X X X X Extracts X X X X ..... JM : This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-1, Pune dated 07-11-2016 for the assessment year 2013-14. The assessee in present appeal has assailed the order of Commissioner of Income Tax (Appeals) on solitary issue of restricting exemption u/s. 54EC of the Income Tax Act, 1961 (hereinafter referred to as the Act ) to ₹ 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 ₹ 97,32,657/- to ₹ 50,00,000/- by disregarding appellants contention and clear provision of law. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see carried the matter in appeal before Tribunal in ITA No. 40/PUN/2016. The Tribunal vide order dated 31-10-2017 following the decision of Hon ble Madras High Court in the case of Commissioner of Income Tax Vs. C. Jaychander reported as 370 ITR 579 allowed assessee s entire claim of exemption. The ld. AR furnished copy of order of Tribunal in ITA No. 40/PUN/2016 (supra). 3. Shri Ashok Babu representing the Department vehemently 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, the year under appeal being assessment year 2012-13, the assessee is entitled to claim the deduction under section 54EC of the Act at ₹ 1 crore i.e. on account of investment made in the financial year in which the asset was sold at ₹ 50 lakhs and further deduction of ₹ 50 lakhs which was made in the subsequent financial year, though within period of six months from the date of sale of asset. Accordingly, we allow the claim of assessee and direct the Assessing Officer to allow the deduction under section 54EC of the Act at ₹ 1 crore. The ground of appeal raised by the assessee is thus, allowed. 5. The Revenue has not brought to our notice any contrary decision by the Hon ble High Court or the H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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