This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
S. 54EC– 6 months period to be reckoned from the end of the month in which transfer takes place
Case Law Details
- Case Name
- Mr. Yahya E. Dhariwala V/s Dy. Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 06
- Courts
- ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Revenue contending that sale took place on 24.02.05 and thereby the investment made u/s. 54EC on 30.08.2005 is beyond the prescribed period of six month. Once the board of directors approve the transfer, then only the process of transfer of shares can be said to be completed in case of a private limited company. The Annual Return filed before the ROC disclosed that the date of registration of transfer was 28th February 2005, confirmed by purchaser. Board resolution approving transfer of shares was passed on 25th February 2005.
Just because stamping was done on 24th February 20...
Investment limit is as per according to the British Calendar is very good idea