https://www.taxtmi.com/caselaws?id=761039 ITAT Ahmedabad allowed the assessee's appeal regarding deduction under Section 54EC for investment in NHAI bonds. The tribunal held that advance money received under an agreement to sell capital assets, when invested in specified bonds before the transfer date, qualifies for exemption under Section 54EC. Following Circular No. 359 dated 10.05.1983 and the Bombay HC decision in CIT vs. Subhash Vinayak Supnekar, the tribunal found direct nexus between the advance received and NHAI bond investment, making the assessee eligible for the deduction. en-us Wed, 23 Oct 2024 00:00:00 +0530 Wed, 30 Oct 2024 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761039 ITAT Ahmedabad allowed the assessee's appeal regarding deduction under Section 54EC for investment in NHAI bonds. The tribunal held that advance money received under an agreement to sell capital assets, when invested in specified bonds before the transfer date, qualifies for exemption under Section 54EC. Following Circular No. 359 dated 10.05.1983 and the Bombay HC decision in CIT vs. Subhash Vinayak Supnekar, the tribunal found direct nexus between the advance received and NHAI bond investment, making the assessee eligible for the deduction. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761039