Assessee sold two properties vide sale deed, dt. 15-2-2011 and deposited capital gain amount in Bond 30-8-2011. AO allowed the exemption u/s 54EC of the Act . CIT passed the revision order on the ground that the investment was not made with in period of six months . On appeal allowing the appeal the Appellate Tribunal held that term Month means calendar month and not period of 30 days. Accordingly the six calendar months from date of sale deed would complete on 31-8-2011 and the assessee made investment o 30-8-2011 which was within period of six months hence the order of the AO is affirmed and revision order was quashed . ( AY. 2011-12)
Kartick Chandra Mondal. v. PCIT ( 2020) 181 ITD 89/192 DTR 248/ 206 TTJ 904 (Kol) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Investment Bonds – Month means calendar month and not period of 30 days – Period of six months is to be considered as six calendar months and not 180 Days- Entitle to exemption – Order is not erroneous [ S.54EC ]