Smt Sriram Indubal v ITO (ITA No: 1950 MDS of 2012 dtd 31.01.2013) – Chennai ITAT Background: The assessee had sold a property comprising of land and building for a consideration of Rs. 3,46,50,000. Sale proceeds were invested by the assessee in 54EC bonds in two instalments i.e. first Rs. 50 lakhs in REC Bond on 27.2.2008 and second Rs. 50 lakhs in NHAI Bond on 27.06.2008. The AO held that investments under section 54EC had to be made within six months from the date of transfer of capital asset. Since the statute pegged the investment for which exemption was allowable in an assessment year to Rs. 50 lakhs, the second sum of Rs. 50 lakhs invested on 30.6.2008 was not eligible for deduction under Section 54EC of the Act.