Dr. Arvind S. Phadke Vs ACIT (ITAT Pune)
Material Facts
The assessee filed a Miscellaneous Application under Section 254(2) of the Income Tax Act, 1962 seeking rectification of mistakes apparent from the record in the Tribunal’s order dated 30.04.2014. The assessee had invested ₹50 lakh in NHAI bonds on 28.03.2008 and ₹50 lakh in REC Ltd. bonds on 22.08.2008 and claimed exemption under Section 54EC. The assessee had consistently contended that the date of transfer of the property was 01.03.2008, being the date of handing over possession, whereas the Assessing Officer treated 13.09.2007, the date of registration of the development agreement, as the date of transfer. Consequently, the Assessing Officer and the CIT(A) denied exemption under Section 54EC in respect of both investments. The Tribunal had earlier accepted the assessee’s contention regarding the date of transfer but, due to factual errors in its order, granted deduction only in respect of the REC bonds.
Procedural History
The Assessing Officer denied exemption under Section 54EC for both investments. The CIT(A) confirmed the denial. In the Tribunal’s order dated 30.04.2014, the Tribunal accepted the assessee’s contention regarding the date of transfer but inadvertently recorded incorrect facts regarding the Assessing Officer’s findings and the date of investment in REC bonds. The assessee therefore filed the present Miscellaneous Application under Section 254(2).
