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TMI Blog2012 (8) TMI 608X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and after hearing the assessee passed an order taking away the benefit on the ground that investment made beyond the time period – Held that:- Tribunal accepted that Investment made by the assessee being within the time specified under sub-section (4) of Section 139 of the I.T.Act, the assessee is eligible for exemption under Section 54F of the I.T.Act - If the judgment passed by this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... noticed that the assessee has income from capital gains and has claimed exemption under Section 54F of the IT Act for the investment made in a new asset. The Assessing Officer accepted the return filed by the assessee and computed the income as Nil. Subsequently, the Director of Income Tax, International Taxation, on perusal of the assessment proceedings and records, observed that the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee has made the investment in the new house by paying Rs.32 lakhs on various dates starting from 06.05.2006 to 19.01.2007 and the said asset was also registered in favour of the assessee on 06.11.2007 i.e., well beyond the due date prescribed under sub-section (1) of section 139 and has also failed to deposit the sale proceeds as provided under Section 54F(4) of the I.T.Act. He issued a notice u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eas the revenue preferred an appeal on the second point. 3. The Tribunal in coming to the said conclusion that the investment made by the assessee being within the time specified under sub-Section 4 of section 139 of the Act relied on the judgment of this Court in the case of Fathima Bai v. ITO [2009] 32 DTR 243 (Kar.). Even if two views are possible, the Revisional Authority had no jurisdiction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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