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2018 (10) TMI 67 - AT - Income TaxDisallowing deduction u/s 54EC - AO disallowed the claim of the assessee for the investment made in NHAI bonds which was invested in the second time for ₹ 50,00,000/- - no investment in these bonds within the time prescribed - Held that:- We find that in the identical facts and circumstance this tribunal in the case of Aspi Ginwala, Shree Ram Engg. & Mfg. Industries vs. ACIT [2012 (4) TMI 195 - ITAT AHMEDABAD] held that there is no dispute about the fact that subscription of eligible bonds was closed during this period till 26-52008 and on the 1st day of the reopening of the subscription, the assessee made this investment. Under the circumstances, the assessee was prevented by sufficient cause which was beyond his control in making investment in these bonds within the time prescribed. Further various judicial authorities have taken a view that exemption should be granted in such cases where there is a delay in making investment due to non-availability of the bonds and have held that it is a reasonable cause and the exemption should be granted. - Decided in favour of assessee Deduction u/s 54F denied - non deposit any amount under the capital gain account scheme - Held that:- there was no need to deposit any amount under the capital gain account scheme. In holding so we find support & guidance from the judgment of Hon’ble Karanatka High Court in the case of CIT Vs. K. Ramachandra Rao [2015 (4) TMI 620 - KARNATAKA HIGH COURT] - No disallowance u/s 54F can be made in the instant case on account of non-deposit of money in capital gain account scheme. Therefore, we have no hesitation in reversing the order of authorities below. Hence ground of appeal of the assessee is allowed.
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