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2014 (8) TMI 72 - HC - Income TaxCapital gains u/s 54EC – Investment in REC bonds beyond stipulated period - Whether the Tribunal has jurisdiction and was right in holding that the assessee is entitled to capital gains exemption u/s 54EC – Held that:- The assessee can make his choice based on what is available or wait for a better option - assessee chose to wait but by the meantime, the option ran out and hence had to wait till the next –opportunity – Relying upon Commissioner of Income Tax v. Cello Plast [2012 (8) TMI 527 - BOMBAY HIGH COURT] - the bonds were available for a limited time during this period between 1.7.2006 to 3.8.2006, makes no difference - The respondents had time till 21.9.2006, to invest in these bonds to avail the benefit u/s 54EC – assessee cannot be deprived of this right conferred by the Act for no fault of theirs - the availability of the bonds only for a limited time during the period cannot prejudice the assessee's right to exercise the same upto the last date - The bonds were admittedly not available except during the said period – no substantial question of law arises for consideration – Decided against Revenue.
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