Case Law Details
Case Name : ITO Vs Ms. Rania Faleiro (ITAT Panaji)
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All ITAT ITAT Panaji
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CA Sandeep Kanoi
ITO v. Ms. Rania Faleiro (ITAT Panaji)
Issue and Facts of the case :- The only issue involved in this appeal filed by the Revenue relates to the allowing of relief under Section 54EC. The brief facts of the case are that the Assessee filed its return of income on 29.9.2008 declaring income of Rs.24,00,118/- in which the assessee claimed deduction under Section 54EC amounting to Rs. 50,00,000/-. Assessment was comple
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Provisions of Sec 54C are categorically clear and on plain reading of the said provisions nobody can raise the dispute that an assesses is entitled to investment and exemption of Rs 50 lacs in each financial year if such investments are within the specified period.However the Assessing Officers out of the force of the habit deny the due benefit to the asses sees and compel them to stand in the unending queue of the avoidable litigation.The ITAT in its wisdom should now start awarding the cost to the asses sees and recover the cost from the erring assessing officers. MAY WISE SENSES NOW PREVAIL UPON THE INDIAN BUREAUCRATS AND HELP THE NATION TO GROW IN REAL SENSE.