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2014 (3) TMI 842 - AT - Income TaxExemption u/s 54EC of the Act – Investment in NHAI bonds - Whether the investment of ₹ 45 lacs was made within six months from the date of the transfer of the "Long Term Capital Asset" so as to qualify for the exemption u/s.54EC of the Act and whether the word "month" refers in this section a period of 30 days or it refers to the months only – Held that:- The decision in Munnalal Shri Kishan Mainpuri [1987 (3) TMI 81 - ALLAHABAD High Court] followed - there is nothing in the context of section 256(2) to warrant the conclusion that the word 'month' in it refers to a period of 30 days, therefore, refers to six months in Section 256(2) is to six calendar months and not 180 days - in the absence of any definition of the word ' month' in The Act, the definition of General Clauses Act 1897 shall be applicable and by doing so there is no attempt on our part to interpret the language of Sec. 54EC - what to say a liberal or literal interpretation - the Legislature has in its wisdom has chosen to use the word ' month' - the word 'month' to be read within the recognized ways of interpretation. There is no dispute about the investment which had actually been made by the assessee - The investment had been made in the month of December, 2008 - alleged to be few days late from the date of transfer in the month of June, 2008 - Once the purpose of the introduction of the section was served by making the investment in the specified assets then that purpose has to be kept in mind while granting incentive - the investment in question qualifies for the deduction U/s 54EC – Decided in favour of Assessee.
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