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2019 (7) TMI 420 - AT - Income TaxDeduction u/s 54EC - amount of investment made in the purchase of REC Bonds - denial of claim as assessee has not invested in the REC bonds within the time prescribed under section 54EC, i.e., within a period of 6 months from the date of transfer - HELD THAT:- In the instant case the assessee has not invested the amount in the specified bonds within the specified period prescribed as per the provisions of section 54EC. It is not the case of the assessee that the bonds were not available in the market at the stipulated time. Although the assessee had filed certain legal notices as available in the paper book the copy of the agreement to sell of the said property is not filed in the paper book. The argument of the assessee that beneficial provisions should be interpreted liberally is also not applicable in the instant case since in my opinion such interpretations cannot be stretched to an extent so as to make the provisions of the Act redundant. In any case, since the assessee has not fulfilled the conditions laid down in the provisions of section 54EC by not depositing the amount in the specified bonds, therefore, the assessee is not eligible for the claim of exemption under section 54EC - Decided against assessee.
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