Deduction u/s. 54EC admissible as nexus between advance from sale of property and investment in NHAI bonds established

Shital Piyushkumar Patel Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance received towards sale of property and investment made in NHAI bonds established.

Facts- During the assessment proceedings under Section 143(3) of the Act, it was observed that a portion of the property was sold on August 16, 2008, with the possession handed over to multiple parties. The total sale consideration claimed for this transaction was ₹8,25,00,000/-, which as per AO lacked docum

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