According to Section 54EC of the Income Tax Act, if the taxpayer's preferred bonds, such as REC/NHAI bonds, are unavailable for the entire six-month period from the date of asset transfer, then the investment period is automatically extended until those bonds become available.
While the Income Tax Act, 1961, doesn't explicitly address this scenario, a ruling by the Pune bench of the Tribunal in the case of Mahesh Nemichandra Ganeshwade v/s ITO (2012) supports the extension of the investment period until the desired bonds are accessible in the market.
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