https://www.taxtmi.com/caselaws?id=263044 The Tribunal allowed the appeal of the assessee in a case concerning a claim of exemption under section 54EC of the Income Tax Act for investing in REC Bonds. The Tribunal overturned the decision of the CIT(Appeals) that denied the exemption due to the delay in investing after the specified time limit, citing the unavailability of REC Bonds in the market. Relying on a Bombay High Court decision, the Tribunal held that the delay was justified within the statutory time limit, emphasizing the exceptional circumstances of non-availability during the specified period. en-us Tue, 25 Jun 2013 00:00:00 +0530 Wed, 26 Aug 2015 10:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263044 The Tribunal allowed the appeal of the assessee in a case concerning a claim of exemption under section 54EC of the Income Tax Act for investing in REC Bonds. The Tribunal overturned the decision of the CIT(Appeals) that denied the exemption due to the delay in investing after the specified time limit, citing the unavailability of REC Bonds in the market. Relying on a Bombay High Court decision, the Tribunal held that the delay was justified within the statutory time limit, emphasizing the exceptional circumstances of non-availability during the specified period. Case-Laws Income Tax Tue, 25 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263044