https://www.taxtmi.com/caselaws?id=208185 The ITAT ruled in favor of the assessee, directing the AO to allow deductions for legal and professional charges, depreciation, and exemption u/s 54EC. The ITAT found the expenses justified with supporting details and precedent, overruling the disallowance by the CIT(A). Regarding the exemption u/s 54EC, the ITAT acknowledged reasonable cause for delay in bond purchase and allowed the claim, citing a similar precedent. Ultimately, the appeal was allowed based on the assessee's justifications and circumstances of bond unavailability within the specified timeframe. en-us Tue, 19 Jan 2010 00:00:00 +0530 Sat, 07 Jan 2012 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208185 The ITAT ruled in favor of the assessee, directing the AO to allow deductions for legal and professional charges, depreciation, and exemption u/s 54EC. The ITAT found the expenses justified with supporting details and precedent, overruling the disallowance by the CIT(A). Regarding the exemption u/s 54EC, the ITAT acknowledged reasonable cause for delay in bond purchase and allowed the claim, citing a similar precedent. Ultimately, the appeal was allowed based on the assessee's justifications and circumstances of bond unavailability within the specified timeframe. Case-Laws Income Tax Tue, 19 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208185