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TMI Blog2015 (8) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... vely following the decision of the Hon’ble Bombay High Court in the case of CIT v. Cello Plast (2012 (8) TMI 527 - BOMBAY HIGH COURT ), we reverse the order passed by the CIT(Appeals) and allow the ground raised in the appeal of the assessee. - Decided in favour of assessee. - ITA No. 1693/Mds/2012 - - - Dated:- 25-6-2013 - Dr. O.K. Narayanan Shri V. Durga Rao, JJ. For the Appellant : Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 50.00 lakhs in REC bonds claiming deduction under section 54EC of the Act. During the course of assessment proceedings, the Assessing Officer has observed that in order to claim deduction under section 54EC of the Act, the assessee should invest the capital gains in the specified assets [REC Bonds] within six months from the date of sale of the original asset i.e. on or before 21.05.2007. Howeve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved, the assessee preferred an appeal before the Tribunal. 7. The ld. Counsel for the assessee submitted that the REC Bonds on which the assessee has to invest the sale proceeds are not available in the market between 31.03.2007 to 02.07.2007. Therefore, the assessee was not able to invest in the Bonds and submitted that denying the benefit on the ground that impossible to perform an act i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to invest on REC Bonds on 21.05.2007. The period between 31.03.2007 and 02.07.2007, no REC Bonds are available to buy. Therefore, the assessee has invested on REC Bonds on 02.07.2007. The Assessing Officer and the CIT(Appeals) denied the claim of the assessee on the ground that non-availability of REC Bonds will not entitle the assessee to extend the time limit to invest in the Bonds. In this conn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in investing in the REC Bonds due to non-availability of REC Bonds. By respectively following the decision of the Hon ble Bombay High Court in the case of CIT v. Cello Plast (supra), we reverse the order passed by the CIT(Appeals) and allow the ground raised in the appeal of the assessee. 10. In the result, the appeal of the assessee stands allowed. Order pronounced in the open court at the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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