Section 54EC Deduction cannot be disallowed for Investment not made with in prescribed time due to non-availability of REC Bonds

Heatex Products P. Ltd. Vs DCIT (ITAT Mumbai) Undisputedly, after 31st March 2007, REC Bonds were not available in the market and REC Bonds Series–VII was again available from 2nd July 2007 to 31st March 2008. It is a fact that the assessee had invested further amount of Rs. 50 lakh on 01.08.2007 after REC Bond Series–VII became available. In the meanwhile, the six month period from the date of transfer of the capital asset expired on 18th June 2007. Therefore, the assessee could not have invested in the REC Bonds within the stipulated period of six months as provided under section 54EC of...