TMI Blog2019 (1) TMI 881X X X X Extracts X X X X X X X X Extracts X X X X ..... unt 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. - ITA No.343/Pan./2017 - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planation to the assessee. 3. The Assessing Officer and Commissioner of Income Tax (Appeals) have shown disregard to the intent of assessee to pay the amount due within stipulated time. 3. Brief facts of the case are as under: As per the Assessing Officer (A.O. for short), the assessee earned long term capital gain (LTCG) of ₹ 1,52,36,235/- on transfer of his immovable property. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e presented to the bank on 04.03.2013 were debited in assessee's bank accounts on 08.03.2013. Hence, the AO held that the assessee had invested in REC bonds beyond the permissible time limit for claiming exemption u/s. 54EC of the IT. Act and accordingly, the AO disallowed the said exemption claimed by the assessee and added to the total income of the assessee. 4. Before the ld. CIT(A), it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay 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. 8. In the result, this appeal by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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