The Tax Publishers2015 TaxPub(DT) 4534 (Panaji-Trib)div class=Section1>

 

Dr. Vijaynath Rama Talaulikar v. CIT

 

INCOME TAX ACT, 1961

--Revision under section 263--Erroneous and prejudicial orderAO taken one of possible views --Held: Assessee claimed exemption under section 54EC at Rs. 1 crore; for investment made in eligible bonds in two different financial years and the AO allowed the exemption. Exemption claimed by assessee in each of the financial year did not exceed Rs. 50 lacs. Thus, the AO had taken a view which was one of the possible view and the view taken by the AO could not be regarded to be illegal view. Accordingly, the order of CIT directing AO to restrict exemption under section 54EC to Rs. 50 lacs, instead of Rs. 1 crore, was set aside.

Income Tax Act, 1961 Section 263

Followed:Malabar Industrial Co. Ltd. v. CIT (2000) 243 ITR 83 (SC)

REFERRED : Ms. Shantabai V. Kamat ITA No. 10/PNJ/2013, dt. 28-6-2013

FAVOUR : In assessee's favour

A.Y. : 2009-10



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