Before A.Y. 2015-16 Sec. 54EC exemption limit of Rs. 50 Lakh is per year & not based on transaction

Brief of the case ITAT Mumbai has held in the case of C.R. developments Vs. JCIT  that  time limit for investment is six months from the date of transfer and even if such investment falls under two financial years, the benefit claimed by the assessee cannot be denied. Assessee eligible for deduction under section 54EC on investment of Rs. 50 Lakh Each made in two Financial Year against same transaction. Assessee earned LTCG of Rs. 1.04 Cr. on sale of shares. It claimed exemption of Rs. 1 Cr. u/s 54 EC and declared remaining amount as LTCG. It was found that assessee had invested 50 lacs on 3...