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ITAT Pune Allows ₹1 Crore Section 54EC Deduction Across Two Financial Years
Case Law Details
- Case Name
- Kirankumar Popatlal Shah Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
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Kirankumar Popatlal Shah Vs ITO (ITAT Pune)
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeals filed by three co-owners, including Kirankumar Popatlal Shah, concerning the deduction available under Section 54EC of the Income-tax Act for Assessment Year 2009-10. The common issue was whether an assessee could claim a deduction of ₹1 crore by investing ₹50 lakh each in specified bonds during two different financial years, provided both investments were made within six months from the date of transfer of the capital asset.
The assessees, who were co-owners of a prop...
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