CHANCHAL KUMAR SIRCAR v ITO 2012-TIOL-268-ITAT-KOL Assessee is an individual. He filed his ROI claiming exemption under section 54EC. It was observed that the assessee had invested the amount in capital gain scheme in scattered manner which meant some amount invested by the assessee when he received part payment and the balance on the receipt of balance payment. The CIT was of the view that assessee ought to have deposited the entire amount in capital gain scheme  

Piecemeal deposits of sale proceeds eligible for Sec 54EC benefits

Mahesh Nemichandra Ganeshwade vs. ITO (ITAT Pune) The assessee entered into a development agreement on 12.7.2005 in which the consideration was fixed at Rs 2.50 crores. A correction deed was entered into on 2.7.2007 in which the sale consideration was increased to Rs. 4.90 crores. The assessee invested Rs. 50 lakhs in s. 54EC bonds on 3.8.2007 and 27.10.2007. The AO held that the date of transfer was 12.7.2005 and as the s. 54EC investments had been made beyond a period of 6 months from the date of transfer, the exemption was not available. The assessee claimed that as it was impossible for him to invest within 6 months from the date of transfer, the period of 6 months had to be reckoned from the date of receipt of consideration. HELD by the Tribunal:

S. 54EC: Relief available if investment made within 6 months of receipt of consideration