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TMI Blog2021 (6) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is not entitled for the exemption under section 54EC. Assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the long- term capital gain in purchase of another residential property and unable to find the suitable property, he finally invested the amount in long- term capital gain bonds on 21. 01.2020. In my opinion, this aspect is irrelevant to decide the eligibility of assessee for exemption under section 54EC, which specifically provides that the investment in eligible bonds is required to be made by the assessee within a period of six months from the date of transfer of the long-term capital asset in order to claim the exemption on accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sale of residential property amounting to ₹ 6, 14,674/- was declared by the assessee and the same was adjusted against the loss of ₹ 8, 64, 542/- arising from the commodity share transaction. Since the loss from commodity share transaction was not eligible for adjustment against the long-term capital gain arising from the sale of residential property, the Assessing Officer disallowed the claim of the assessee for such adjustment and made an addition of ₹ 6, 14,674/- to the total income of the assessee on account of long-term capital gain in the assessment completed under section 143(3) vide an order dated 07. 11.2016. 4. Against the order passed by the Assessing Officer under section 143(3), an appeal was preferred by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C, I find myself in agreement with the ld. CIT(Appeals) that the assessee is not entitled for the exemption under section 54EC. Even the ld. Counsel for the assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the long- term capital gain in purchase of another residential property and unable to find the suitable property, he finally invested the amount in long- term capital gain bonds on 21. 01.2020. In my opinion, this aspect is irrelevant to decide the eligibility of assessee for exemption under section 54EC, which specifically provides that the investment in eligible bonds is required to be made by the assessee within a period of six months from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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