https://www.taxtmi.com/caselaws?id=761658 The HC dismissed the revenue's revision petition under Section 263. The assessee received advances from property purchasers in January 2003, invested these in mutual funds, and later used the maturity proceeds to purchase bonds claiming Section 54EC deduction. The court held that advances received contemporaneously with sale agreement execution constitute valid source for bond investments, establishing clear nexus between advances and investments. The court applied precedents from similar cases and found no error in the assessing officer's order warranting intervention under Section 263. en-us Mon, 30 Sep 2024 00:00:00 +0530 Tue, 12 Nov 2024 15:26:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761658 The HC dismissed the revenue's revision petition under Section 263. The assessee received advances from property purchasers in January 2003, invested these in mutual funds, and later used the maturity proceeds to purchase bonds claiming Section 54EC deduction. The court held that advances received contemporaneously with sale agreement execution constitute valid source for bond investments, establishing clear nexus between advances and investments. The court applied precedents from similar cases and found no error in the assessing officer's order warranting intervention under Section 263. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761658