Showing posts with label 54EC. Show all posts
Showing posts with label 54EC. Show all posts
Sunday, 10 January 2016
Wednesday, 30 December 2015
Sunday, 26 July 2015
The Pune ITAT in M/s. Chakrabarty Medical Centre vs. TRO has held that property introduced by a partner into firm becomes the asset of the firm even if there is no registered deed. Though the asset is held by the firm as a depreciable asset and though the investment in s. 54EC bonds is made in the names of the partners, the firm is eligible for s. 54EC exemption - [2015-ITRV-ITAT-PUNE-110]
Sunday, 17 February 2013
Deposit of money in fixed deposit cannot be construed as deposit in capital gain bond for claiming exemption under section 54EC
[2013] 30 taxmann.com 130 (Cochin - Trib.) R. Vidhyadharan DECEMBER 21, 2012
Monday, 24 September 2012
S.54 and S.54EC can be claimed simultaneously
IN THE ITAT MUMBAI BENCH ‘D’
Assistant Commissioner of Income-tax, Cr-23(2)
v.
Deepak S. Bheda
IT APPEAL NO. 5011 (MUM.) 2010
[ASSESSMENT YEAR 2007-08]
JUNE 15, 2012
Saturday, 25 August 2012
S.54EC is applicable to depreciable assets also
•M/s. Jai Hind Rubber Products Vs ACIT, ITA No.2296/Mum/2011, Date of pronouncement: 03.08.2012, ITAT- Mumbai
Sunday, 26 February 2012
Calculation of time limit for 54EC Bonds liberally construed- 6 months to be calculated from date of receipt of consideration
Held in Chanchal Kumar Sircar [2012] 18 taxmann.com 304 (Kolkata - Trib.):
Where property is sold by assessee under a transaction ('deemed transfer') covered by section 53A of Transfer of Property Act, possession handed over to buyer on execution of agreement against part payment and balance payment received after 6 months on registration of property, period of six months for making deposit under section 54EC of the Act should be reckoned from dates of actual receipt of consideration; if period is reckoned from date of agreement and receipt of part payment at first instance, then it would lead to an impossible situation by asking assessee to invest money in specified asset before actual receipt of same; this is based on High Court decisions in the context of sections 54E, 54B, 54EA and 54EB which are similarly worded as section 54EC
Where property is sold by assessee under a transaction ('deemed transfer') covered by section 53A of Transfer of Property Act, possession handed over to buyer on execution of agreement against part payment and balance payment received after 6 months on registration of property, period of six months for making deposit under section 54EC of the Act should be reckoned from dates of actual receipt of consideration; if period is reckoned from date of agreement and receipt of part payment at first instance, then it would lead to an impossible situation by asking assessee to invest money in specified asset before actual receipt of same; this is based on High Court decisions in the context of sections 54E, 54B, 54EA and 54EB which are similarly worded as section 54EC
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