https://www.taxtmi.com/caselaws?id=373716 The ITAT ruled in favor of the assessee in a case concerning disallowance of exemption under section 54EC for investing in REC Bonds beyond the stipulated time limit. The delay in investment was attributed to the bank's clearance process, deemed minimal and beyond the assessee's control. The ITAT set aside lower authorities' decisions, emphasizing the importance of considering the intent behind compliance with tax provisions. The judgment underscores the significance of balancing technical compliance with the underlying purpose of tax laws. en-us Mon, 14 Jan 2019 00:00:00 +0530 Fri, 18 Jan 2019 08:12:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373716 The ITAT ruled in favor of the assessee in a case concerning disallowance of exemption under section 54EC for investing in REC Bonds beyond the stipulated time limit. The delay in investment was attributed to the bank's clearance process, deemed minimal and beyond the assessee's control. The ITAT set aside lower authorities' decisions, emphasizing the importance of considering the intent behind compliance with tax provisions. The judgment underscores the significance of balancing technical compliance with the underlying purpose of tax laws. Case-Laws Income Tax Mon, 14 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373716