Allowing Premature Redemption of Sec 54EC Bonds Beyond Court Scope: HC

Rakesh Kumar Saini Vs Power Finance Corporation Ltd. (Delhi High Court) Delhi High Court held that it is beyond the scope of the High Court to allow premature redemption from the bond through judicial intervention. Accordingly, petition for premature redemption from bond dismissed. Facts- The petitioner sold his residential property and based on an advise invested the sale proceed in the bonds issued by the Respondent – Power Finance Corporation in order to avail the benefit of capital gain tax exemption. In the meantime, the Petitioner booked a residential flat in Noida and he wanted to mak...