Case Law Details
ITO Vs Jagdish R. Mookhey (ITAT Mumbai)
ITAT Mumbai held that investment in NABARD Bonds beyond the specified time of six months cannot be considered for claiming exemption under the provisions of section 54EC of the Income Tax Act.
Facts- The original assessment was completed u/s. 143(3) of the Act assessing the total income at Rs. 2,44,769/-. The assessment was reopened u/s. 147 of the Act after recording the reasons for the same and statutory notices u/s. 148 of the Act were issued and served upon the assessee.
During the course of reassessment proceedings, AO observed that the assessee has claimed exemption u/s. 54EC of the Act on the ground that he has invested Rs. 73.50 lakhs in the NABARD Bond. However, AO was of the opinion that the assessee has not invested within 6 months from the date of the transfer.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
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