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2012 (8) TMI 527 - BOMBAY HIGH COURTDeduction u/s 54EC - long term capital gain on sale of factory building on 22.03.2006 - investment in REC bonds on 31.01.07 - denial on ground that investment was not made within specified time of six months expiring on 21.09.06 which was however extended upto 31.12.06 by CBDT circular - assessee contended non-availability of bonds during the period - Held that:- Lex not cogit impossibila (law does not compel a man to do that which he cannot possibly perform). Contention of the revenue that assessee should have purchased the bonds before 3/8/2006 when they were available is not sustainable as the time given by the statue is six months from the date of sale and, therefore, the respondent was entitled in law to wait till 21/9/2006 to invest in the bonds. In present case, bonds were not available from 4/8/2006 to 22/1/2007. Last date for investment had been 21/9/2006 which was extended upto 31/12/2006. The respondents admittedly invested in the bonds on 31/1/2007 i.e. within nine days of their being available once again from 22/1/2007. Considering that the bonds were not available for such a long period, an extension of merely nine days is extremely reasonable. Further, contention of Revenue that assessee should have invested in bonds of National Highway Authority is also not sustainable since choice of investing in one of the two organizations is with the respondent and the appellant revenue contrary to the statue cannot force the respondent to invest only in the bonds of one in preference to the other. Deduction allowed - Decided in favor of assessee Legal and professional charges - dis-allowance - non furnishing of details of expenses - Held that:- It is found that respondent has not submitted the details of the legal and professional expenses allegedly incurred by it viz, reasons for consultation, the dates of consultation and names of the Consultants. Hence, dis-allowance directed - Decided in favor of Revenue Depreciation - dis-allowance - Held that:- same is answered in favor of assessee by decision in case of CIT vs G. R. Shipping Ltd
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