Investment in name of Partners would provide Section 54EC relief to Partnership firm
The ITAT Pune Bench held as follows:
- Where partners of assessee-firm introduced land and building as their capital contribution to firm, said land and building became property of firm and, therefore, capital gain arising on sale of said property was taxable in hands of assessee-firm.
- Where sale consideration of property belonging to assessee-firm was credited directly in hands of partners of firm and specified bonds were also purchased in names of those partners, still assessee-firm would be entitled to claim benefit of deduction under section 54EC.
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