Sec. 54EC deduction available even when part of consideration was invested in REC bonds prior to transfer of asset
Court :
IN THE ITAT INDORE BENCH
Brief :
Section 54EC of the Income-tax Act, 1961 - Capital gains - Not to be charged on investment in certain bonds (Investment made prior to transfer of property) - Assessment year 2009-10 - Whether where assessee had invested part of consideration received on sale of property in REC bond prior to transfer of property, said amount would qualify for deduction under section 54EC - Held, yes [Paras 13 and 15] [In favour of assessee]
Citation :
IN THE ITAT INDORE BENCH
Brief :
Section 54EC of the Income-tax Act, 1961 - Capital gains - Not to be charged on investment in certain bonds (Investment made prior to transfer of property) - Assessment year 2009-10 - Whether where assessee had invested part of consideration received on sale of property in REC bond prior to transfer of property, said amount would qualify for deduction under section 54EC - Held, yes [Paras 13 and 15] [In favour of assessee]
Citation :
Hemant Kumar Nema
v.
Assistant Commissioner of Income-tax, 3 (1), Indore
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