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TMI Blog2012 (6) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... C of the Act. Ld. D.R. did not object to this submission of the assessee. Therefore, the direction of ld. CIT is modified and the A.O. is directed to reframe the assessment order in accordance with law ignoring the observation of ld. CIT on allowability of deduction u/s 54EC of the Act. - ITA No.808/AHD/2012, ITA No.809/AHD/2012 - - - Dated:- 6-6-2012 - Shri D.K. Tyagi, Judicial Member and Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee purchased bonds issued by Rural Electrification Corporation of India for a sum of ₹ 50/- lakhs in the month of March, 2008 i.e. in the financial year 2007-08. Thereafter the assessee further invested a sum of ₹ 50/- lakhs in National Highway Authorities of India bonds in the month of May, 2008 i.e. in the financial year 2008-09. This investment of ₹ 1 crore was deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions on this issue. Detailed written submissions were filed before ld. CIT and assessee s representative also attended before him and the factual and legal positions were explained to him. After taking all these into consideration ld. CIT set aside the order dated 7th May, 2010, passed by the A.O. and directed him to reframe the assessment order after verifying the bond certificate and aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.O. will reframe his assessment order in accordance with law ignoring the observation made by ld. CIT on allowability of deduction u/s 54EC of the Act. Ld. D.R. did not object to this submission of the assessee. Therefore, the direction of ld. CIT is modified and the A.O. is directed to reframe the assessment order in accordance with law ignoring the observation of ld. CIT on allowability of dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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