Tribunal held that the assessee had invested Rs. 71 Lakhs in two different Financial years and within six months from the date of transfer of the capital assets. The limit of Rs. 50 Lakhs was per the Financial Year. Hence, the assessee was eligible for deduction of Rs. 71 Lakhs under S. 54EC of the Act. Amendment by Finance (No. 2) Act, 2014 applies prospectively. .( AY.2013-14)
Ramesh V. Shetty v .ACIT (2020) 82 ITR 36 (SN)(Bang) (Trib)
S. 54EC : Capital gains – Investment in bonds -Time limit for investment is six months from date of transfer- two financial years -Entitle to exemption – Amendment by Finance (No. 2) Act, 2014 applies prospectively. [ S. 45 ]