Investment u/s. 54EC can be made out of earnest money received prior to transfer of capital asset

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...