S. 54EC Exemption allowed where investment was made after 6 months due to non-availability of bonds

Cello Plast Vs DCIT (ITAT Mumbai)

During the year, the assessee sold its factory building which formed a part of its block of assets. The capital gain of Rs. 49,36,293 arising from the sale of the factory building was claimed to be deductible u/s 54EC. The bonds qualifying for deduction u/s 54EC were not available and as a result of various representations, the CBDT had extended the time period for subscribing the bonds upto 31.12.2006, vide its Circular No. 142/9/2006 TPL, dated 30.6.2006. Before fili

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