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2009 (6) TMI 605 - AT - Income TaxExemption U/S 54EC- Assessee submitted before the Bench that the assessee-HUF sold the property by a registered sale deed.- The HUF received advances before the transfer and the money was deposited in the specified bonds as required under s. 54EC. On the basis of the same, the appellant claimed exemption under s. 54EC to the extent of value of bonds- The AO allowed the exemption in the original assessment under s. 54EC of the IT Act- But the CIT assuming jurisdiction under s. 263 held that exemption under s. 54EC was not available to the assessee as the investment in the bonds was made before the execution of the sale deed instead of within six months from the date of transfer of the property - Held that: As per the provision of s. 263, neither by the conduct of the assessee there is loss to Revenue nor the conduct of the assessee is prejudicial to the interests of the Revenue; rather the assessee was fair enough to deposit the amount immediately after receipt of the same as advance payments on the basis of the agreement to sale - Thus, the assessee succeeds in this appeal
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