Held that the assessee had made an investment of Rs. 50 lakhs in the financial year 2012-13 relevant to the assessment year 2013-14 and another Rs. 50 lakhs in the financial year 2013-14 relevant to the assessment year 2014-15. Thus the assessee was entitled to the benefit of deduction under section 54EC of the Act. The amendment by the Finance (No. 2) Act, 2014 was effective from the assessment year 2015-16 and therefore not applicable to the case of the assessee. (AY.2013-14)
Prima P. Ltd. v. ACIT (2021) 88 ITR 45 (SN) (Pune)(Trib.)
S. 54EC : Capital gains-Investment in bonds-Invested Rs.50 lakhs in two different financial years-Entitle to deduction in both the years-Amendment is effective from assessment year 2015-16 and not applicable to earlier years. [S. 45]