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TMI Blog2013 (6) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... l course of banking business, for the same (receipt). As such, the relevant date would be upon allowing the normative time required for the realization of funds through the banking channel. We draw support or this proposition from s.27 of the General Clauses Act, 1897. The date of the agreement being 29.02.2008, i.e., the last date of the month of February, the date of receipt would - in the ordinary and regular course - fall some time in the first week of March, 2008, i.e., even if we do not consider the date of the actual receipt as being date of receipt in the normal course, being sans any details in the matter by the assessee and, thus, not relevant. The second component of the controversy stands determined by the co-ordinate Bench o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the investment in the National Highway Authority of India (NHAI) bonds, entitling it to deduction u/s.54EC, stood made beyond six months of the date of transfer, i.e., the period specified under the relevant provision, so that the assessee s claim is not maintainable in law. The relevant dates, which are not in dispute, are as under:- Sr. No. Particulars Date 1 Date of Agreement 29.02.2008 2 Consideration received on 10.03.2008 3 Application for NHAI bonds 21.05.2008 4 Cheque cleared on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the second issue, he relied on the decision in the case of Yahya E. Dhariwala vs. Dy. CIT [2012] 49 SOT 458 (Mum), wherein the tribunal held that the word month as occurring in the provision, being not specified, the same would need to be understood, in terms of section 3(35) of the General Clauses Act, 1897, as per the British calendar, relying for the purpose on the decision in the case of CIT vs. Kadri Mills (Coimbatore) Ltd. [1977] 106 ITR 846 (Mad) and CIT vs. Brijlal Lohia and Mahabir Prasad Khemka [1980] 124 ITR 485 (Cal.). 2.2 The ld. DR, on the other hand, would submit that while the assessee states of having applied for the NHAI bonds on 21.05.2008, the same were, in fact, not open for subscription as on that date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instant case, on the other hand, the assessee has received the payment within a period of ten days. The same, though on a somewhat higher side, inasmuch as a payment by bank instrument would ordinarily stand to be effected/cleared within two to three working days, the time lag cannot be considered as inordinate by any stretch of imagination and, rather, even as pleaded by the ld. AR in his favour, stands received only in the normal course. How could the assessee then seek support from the decision in the case of Chanchal Kumar Sircar (supra), wherein the tribunal was moved by the fact of the impossibility of the compliance of the provision in the facts of the case? So however, as the Revenue considers the actual outflow of funds as the rele ..... X X X X Extracts X X X X X X X X Extracts X X X X
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