Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
The Appellate Tribunal held that the assessee is eligible to claim deduction u/s 54EC of the Income Tax Act for investment in bonds of the National Highway Authority of India (NHAI). The assessee had invested the advance money received towards the sale of a property in the specified NHAI bonds before the date of transfer. This is in line with Circular No. 359 and the Bombay High Court's decision in CIT vs. Subhash Vinayak Supnekar, which ruled that when an advance received under an agreement to sell a capital asset is invested in specified bonds, the benefit of Section 54EC is available. The Tribunal observed a direct nexus between the advance received and the investment made, thereby allowing the assessee's appeal.
The Appellate Tribunal held that the assessee is eligible to claim deduction u/s 54EC of the Income Tax Act for investment in bonds of the National Highway Authority of India (NHAI). The assessee had invested the advance money received towards the sale of a property in the specified NHAI bonds before the date of transfer. This is in line with Circular No. 359 and the Bombay High Court's decision in CIT vs. Subhash Vinayak Supnekar, which ruled that when an advance received under an agreement to sell a capital asset is invested in specified bonds, the benefit of Section 54EC is available. The Tribunal observed a direct nexus between the advance received and the investment made, thereby allowing the assessee's appeal.
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TaxTMI 
TaxTMI 
of 4894 
