Hii, the requirement under section 54EC that the capital gain amount should be invested in NHAI bonds/rec bonds within 6 months of the transfer. However, one thing should be noted that these bonds shall be available for subscripttttion at the time when assessee wants to invest during any period of time in these 6 months say,if you decided to invest in the 6th month but the bonds were not available for subscripttttion then you can invest when such bonds were again available for subscripttttion. The stand taken by me is as per decision taken by Bombay High Court in CIT vs.Cello Plastic. The relevant portion from pronouncement is reproduced as below:
"We think it both prudent and proper to consider only the case before us and only to the extent where the bonds were not available prior to the expiry of the six month period, including the last day. A person is entitled, as we have held earlier, to invest in the said bonds upto the last available date. If that be so, it must follow that the extension ought to be granted at least for the period prior to the expiry of six months when the bonds were not available and upto the date on which they were ultimately made available. In any event, in such a case an assessee would be entitled to a reasonable extension which must then be decided, depending upon the facts of each case. A person cannot be expected to make the investment on the first possible date on which the bonds were made available after the expiry of the six months period or any extended date prescribed by the CBDT. "