https://www.taxtmi.com/caselaws?id=120210 The appeal filed by the assessee against the disallowance of deduction under section 54EA of the Income Tax Act was dismissed. The court upheld the decision that the purchase of HUDCO Bonds from the assessee's father did not qualify as an investment under section 54EA, as it did not align with the legislative intent of promoting investment in priority sectors. The tribunal emphasized that the bonds were not newly issued for priority sector investment but were transferred between individuals, leading to the denial of the exemption. en-us Mon, 03 Apr 2006 00:00:00 +0530 Tue, 17 Jul 2012 15:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120210 The appeal filed by the assessee against the disallowance of deduction under section 54EA of the Income Tax Act was dismissed. The court upheld the decision that the purchase of HUDCO Bonds from the assessee's father did not qualify as an investment under section 54EA, as it did not align with the legislative intent of promoting investment in priority sectors. The tribunal emphasized that the bonds were not newly issued for priority sector investment but were transferred between individuals, leading to the denial of the exemption. Case-Laws Income Tax Mon, 03 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120210