2013 (6) TMI 726

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.....2010. 2.1 Opening the arguments for and on behalf of the assessee, it was submitted by the ld. AR, the assessee's counsel, that the sole issue arising in the instant appeal relates to the validity of the assessee's claim in respect of Long Term Capital Gains (LTCG) u/s.54EC of the Act, claimed by it in the sum of Rs. 49,72,923/-. The Revenue has denied the said claim on the ground that the investment in the National Highway Authority of India (NHAI) bonds, entitling it to deduction u/s.54EC, stood made beyond six months of the date of transfer, i.e., the period specified under the relevant provision, so that the assessee's claim is not maintainable in law. The relevant dates, which are not in dispute, are as under:- Sr. No. Partic....

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.... deposit u/s.54EC should be reckoned from the date of the actual receipt of the consideration in its respect. In respect of the second issue, he relied on the decision in the case of Yahya E. Dhariwala vs. Dy. CIT [2012] 49 SOT 458 (Mum), wherein the tribunal held that the word 'month' as occurring in the provision, being not specified, the same would need to be understood, in terms of section 3(35) of the General Clauses Act, 1897, as per the British calendar, relying for the purpose on the decision in the case of CIT vs. Kadri Mills (Coimbatore) Ltd. [1977] 106 ITR 846 (Mad) and CIT vs. Brijlal Lohia and Mahabir Prasad Khemka [1980] 124 ITR 485 (Cal.). 2.2 The ld. DR, on the other hand, would submit that while the assessee states of ha....

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.... beneficial provision, so that a liberal view thereof ought to be taken where the facts otherwise admit. In the instant case, on the other hand, the assessee has received the payment within a period of ten days. The same, though on a somewhat higher side, inasmuch as a payment by bank instrument would ordinarily stand to be effected/cleared within two to three working days, the time lag cannot be considered as inordinate by any stretch of imagination and, rather, even as pleaded by the ld. AR in his favour, stands received only in the normal course. How could the assessee then seek support from the decision in the case of Chanchal Kumar Sircar (supra), wherein the tribunal was moved by the fact of the impossibility of the compliance of the ....