ITAT Remands Section 54EC Claim as Bond Availability Issue Required Verification

B J Fernandez Vs ITO (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from an order of the Commissioner of Income Tax (Appeals) for Assessment Year 2021-22 concerning the assessee’s claim of exemption under Section 54EC of the Income Tax Act, 1961. The assessee, a retired Armed Forces employee, owned 7,200 square feet of land that was compulsorily acquired by the Government of Tamil Nadu for establishing an industrial estate under SIPCOT at Sriperumbudur. Compensation of ₹1,05,68,050 was received on 12 February 2021. The assessee computed long-term ...