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 the second proviso to section 54EC is clarificatory in nature. 2. The Appellant prays that ...