https://www.taxtmi.com/caselaws?id=159248 The Tribunal held that the capital gains from the sale of deep discount bonds were classified as long-term, as the bonds were held for more than 12 months from the date of the letter of allotment. Consequently, the assessee was entitled to a deduction under Section 54EC of the Income Tax Act. The Tribunal also ruled that notional accrued interest on Optionally Fully Convertible Premium Notes could not be assessed on an accrual basis, aligning with the assessee's cash system of accounting. As a result, the appeal was partly allowed in favor of the assessee. en-us Fri, 09 Oct 2009 00:00:00 +0530 Tue, 19 Nov 2013 10:44:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159248 The Tribunal held that the capital gains from the sale of deep discount bonds were classified as long-term, as the bonds were held for more than 12 months from the date of the letter of allotment. Consequently, the assessee was entitled to a deduction under Section 54EC of the Income Tax Act. The Tribunal also ruled that notional accrued interest on Optionally Fully Convertible Premium Notes could not be assessed on an accrual basis, aligning with the assessee's cash system of accounting. As a result, the appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Fri, 09 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159248