TMI Blog1993 (1) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... ome land for Rs. 2 lacs and had invested it in the IDBI Bonds to meet the requirements of s. 54E of the IT Act. As per the 3 year IDBI Capital Bonds Scheme, a photostat copy of which has been filed before us, the investment in these bonds qualified for exemption of tax on capital gains to the extent specified in s. 54E(1) provided the same was kept invested for 3 years or more. 2. Clause 11 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as oral arguments before him the Assessing Officer wrote in the order that a perusal of the records showed that the assessee was following cash system. In the same paragraph, he wrote that assessee had furnished certain instances where he followed the hybrid system of accounting. Thereafter, he simply wrote that he was not convinced with those arguments. The assessee took the matter in appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been able to give any satisfactory reasons why his arguments were not being accepted and both of them have failed to pass speaking orders. 4. We have carefully considered the arguments of Shri Dani. We are of the opinion that looking to the particular facts and circumstances of this case and the fact that the authorities below have not been able to meet the objections of the assessee in this cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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