80CCF - Considering for Exemption

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Venkatesh (Querist)
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10 March 2011 1. If XYZ has applied for the allotment of Infrastructure bonds under Sec 80CCF by end of March, would exemption be available as per IT Act even though the bonds are credited or alloted in the month of April.

2. Similarly, even will it apply to shares subscription too.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 March 2011 Pl see the decision copied below.

Kumarpal Amrutlal Doshi vs DCIT (ITAT)

Dated: 9th February 2011

S. 54EC - Date of Payment - Payment by cheque realized subsequently on the cheque being honoured and encashed relates back to the date of the receipt of the cheque and in law the date of payment is the date of delivery of the cheque. The present case admittedly the period of 6 months for making investment in long term specified asset was 9/2/2006. As on that date the cheque for Rs. 20.00 lacs had been delivered to NABARD. Therefore, the date of payment of the cheque would be the date of delivery of the cheque.

The above decision,though delivered under different section of IT Act,1961, can be relied in your case also.

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