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Investment u/s. 54EC can be made out of earnest money received prior to transfer of capital asset
Case Law Details
- Case Name
- Mrs. Parveen P. Bharucha Vs The Deputy Commissioner of Income Tax (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
Validity of Reopening of assessment u/s. 147 on the ground that assessee was not entitled to exemption u/s 54EC in original assessment order
Deduction under section 54EC is allowable in case of investment made out of earnest money/advance received as a part of sale consideration before date of transfer of assets
Notice issued u/s 148 for reopening of assessment/s 147 on the ground the assessee was not entitled to exemption u/s 54EC in original assessment order.
It appears that all facts were available on record and according to the respondents was only erroneously granted. This is a clear ca...
