Section 54EC of IT Act is an independent provision not controlled by section 50

RELEVANT PARAGRAPHS: 6. Section 54EC provides that where the capital gain arises from the transfer of a long term capital asset and the assessee has at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long term specified asset, the capital gain shall be dealt with in accordance with the provisions of this section, that is to say, if the cost of the long term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged u/s.45 of ...