https://www.taxtmi.com/caselaws?id=261684 The Tribunal upheld the CIT(Appeals)'s decision to allow the assessee's claim for exemption under section 54EC of the Income-tax Act, 1961. Despite initial doubts regarding the source of funds for investment in REC and NHB Bonds, the Tribunal found that even if the funds were borrowed, the assessee was entitled to the exemption. Citing relevant case law and previous decisions, the Tribunal dismissed the Revenue's appeal and affirmed the exemption, emphasizing that the source of funds for specified investments is irrelevant if made within the stipulated timeframe. en-us Fri, 10 Jul 2015 00:00:00 +0530 Sat, 18 Jul 2015 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261684 The Tribunal upheld the CIT(Appeals)'s decision to allow the assessee's claim for exemption under section 54EC of the Income-tax Act, 1961. Despite initial doubts regarding the source of funds for investment in REC and NHB Bonds, the Tribunal found that even if the funds were borrowed, the assessee was entitled to the exemption. Citing relevant case law and previous decisions, the Tribunal dismissed the Revenue's appeal and affirmed the exemption, emphasizing that the source of funds for specified investments is irrelevant if made within the stipulated timeframe. Case-Laws Income Tax Fri, 10 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261684