ITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16

This appeal has been filed by the Revenue against the order of the CIT(A)-29, Mumbai dated 13.02.2014 for A.Y. 2013-14 on the following effective grounds of appeal: –

“1. On the facts and circumstances of the case and in Law, whether the Ld. CIT(A) erred in allowing the claim u/s 54EC of the Act, of making investment in RECL Bonds of Rs.50,00,000/- each in 2 financial years without considering the duly the provisions of the IT Act 1961 that the total exemption allowed is Rs.50 Lacs only and that

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