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2019 (1) TMI 881 - AT - Income TaxExemption u/s. 54EC - investment in REC Bonds is made beyond the stipulated time - no opportunity of explanation to the assessee given - Held that:- We note that the assessee has duly issued the cheque for the investment in accordance with the act. The delay of the bank in clearing the amount is a meager delay of only four days. This delay is attributable to the banking channel and, hence, in our considered opinion, adverse inference cannot be drawn against the assessee on the technical ground of delay of merely four days in clearance of the cheque. Hence, we set aside the orders of the authorities below and decide the issue in favour of the assessee.
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