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TMI Blog2018 (3) TMI 2021X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therefore not applicable for the year under consideration, thus deleted addition - HELD THAT:- D.R. could not bring any factual or legal error in the findings of the ld. CIT(A). The Co-ordinate Bench in the case of Aspin Ginwala and Shree Ram Engg. Mfg. Industries [ 2012 (4) TMI 195 - ITAT AHMEDABAD] held that if the appellant transfers his capital asset after 30th September of the financial Year he gets an opportunity to make an investment of Rs. 50 lakhs each in two different financial years and is able to claim exemption upto Rs, 1 crore under section 54EC. The language of the proviso is clear and unambiguous and so the appellant is entitled to get exemption upto Rs. 1 crore in this case;(ii) Though the time limit of 6 months for maki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of Rs. 1 crore. 4. The A.O. found that Rs. 50 lacs have been invested in bonds in two financial years. The A.O. was of the firm belief that as per the provisions of Section 54EC of the Act. The investment cannot exceed Rs. 50 lacs and accordingly allowed exemption only to the extent of Rs. 50 lacs and disallowed the claim of exemption in respect of the balance of Rs. 50 lacs. 5. Assessee carried the matter before the ld. CIT(A) and strongly relied upon various judicial decisions. It was brought to the notice of the ld. CIT(A) that the Finance Bill, 2014 has inserted second proviso but only with effect from 01.04.2015 and subsequent years and therefore not applicable for the year under consideration. 6. Drawing support from various j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... long term specified asset by an appellant "during any financial year" should not exceed Rs. 50 lakhs. It is clear that if the appellant transfers his capital asset after 30th September of the financial Year he gets an opportunity to make an investment of Rs. 50 lakhs each in two different financial years and is able to claim exemption upto Rs, 1 crore under section 54EC. The language of the proviso is clear and unambiguous and so the appellant is entitled to get exemption upto Rs. 1 crore in this case;(ii) Though the time limit of 6 months for making the investment under section 54EC expired on2l.4.2008. no bonds were available for subscription between 1.4.2008 lo 28.5.2008. The investment was made as soon as the subscription ope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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