6 Months for Sec. 54EC - from Date of Reciept

IT : 6 months time-limit for investment in bonds under section 54EC of the Income-tax Act, 1961 to be reckoned from date of receipt of part payments, not from date of transfer under section 53A of the Transfer of Property Act

• Where property is sold by assessee under a transaction ('deemed transfer') covered by section 53A of Transfer of Property Act, possession handed over to buyer on execution of agreement against part payment and balance payment received after 6 months on registration of property, period of six months for making deposit under section 54EC of the Act should be reckoned from dates of actual receipt of consideration; if period is reckoned from date of agreement and receipt of part payment at first instance, then it would lead to an impossible situation by asking assessee to invest money in specified asset before actual receipt of same; this is based on High Court decisions in the context of sections 54E, 54B, 54EA and 54EB which are similarly worded as section 54EC - [2012] 18 taxmann.com 304 (Kolkata - Trib.)