ITAT doubts exemption U/s. 54EC allowed by Bombay HC in Ace Builder against short-term capital gains computed u/s 50

CA Suraj R. Agrawal Brief of the Case Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by  ITAT Mumbai  in the case of ITO Vs Legal Heir of Shri Durgaprasad Agnihotri although it has followed the Judgment of Bombay High Court as required to maintain judicial discipline. Facts of the case: 1. assessee is an individual engaged in the business of photography 2. assessee also earned long term capital gain, which was claimed exempt under section 54EC 3. The assessee made inves...