Section 54EC Deduction Enhanced to ₹1 Crore by Rectifying Tribunal Order: ITAT Pune

Advertisement Dr. Arvind S. Phadke Vs ACIT (ITAT Pune) Material Facts The assessee filed a Miscellaneous Application under Section 254(2) of the Income Tax Act, 1962 seeking rectification of mistakes apparent from the record in the Tribunal’s order dated 30.04.2014. The assessee had invested ₹50 lakh in NHAI bonds on 28.03.2008 and ₹50 lakh in REC Ltd. bonds on 22.08.2008 and claimed exemption under Section 54EC. The assessee had consistently contended that the date of transfer of the property was 01.03.2008, being the date of handing over possession, whereas the Assessing Officer...