S. 54EC deduction allowed if cheques presented within 6 months

Brief of the Case

Hon’ble Supreme Court has held in the case of Ogale Glass Works Ltd. (1954) 25 ITR 529 (SC) that the cheques not having been dishonoured but having been cashed, the payment relates back to the dates of the receipt of the cheques and as per law, the dates of payments would be the date of delivery of the cheques. In the present case, the assessee had filed an application with National Housing Bank on 23.12.2004 and submitted along with this application Cheque No.669766 dated 23.12.2004

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