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TMI Blog2016 (7) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessee for statistical purposes. - I.T.A.No.180/Mds./2016 - - - Dated:- 22-6-2016 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G.PAVAN KUMAR, JUDICIAL MEMBER For The Appellant : Shri V.S.Manoj,Advocate For The Respondent : Shri P.Radhakrishnan,JCIT,DR ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-5, Chennai dated 17.12.2015 pertaining to assessment year 2011-12. 2. The grievance of the assessee in this appeal is with regard to non-granting of exemption u/s.54F of the Act on thereason that the return filed by the assessee u/s.139(4), as such the benefit u/s.54F is denied. 3. The facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hoba Rani (2014) TIOL 615 15. Mr.Padmanabah Pandurang Pawar (2015) TIOL 1129 16. Shri R Srinivas (2015) TIOL 2623 17. Sumathi Process Industries Pvt. Ltd.(1992) 196 ITR 803 Further, ld.A.R submitted that the filing return u/s.139(4) does not disentitle the assessee to claim exemption u/s.54F of the Act. According to ld.A.R the due date for falling the return of income u/s.139(4) to be considered for granting exemption u/s.54F of the Act. According to him, the due date of filing the return of income extended to due date u/s.139(4) of the Act. 5. The ld.D.R relied on the order of Ld.CIT(A). 6. We have heard both the parties and perused the material on record. Admittedly, in this case the assessee filed the return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he claim of assessee that the assessee is not utilized the capital gains on transfer of capital asset in investment in residential house as specified in section 54F(1) of the Act on the reason that the assessee has not filed the return of income within due date in term of sec.139(1) of the Act. He has not examined the other conditions in Sec.54F. Further, ld.A.R pleaded before us even if the assessee has not deemed deposited in the capital gains account scheme u/s.54F(4) , the assessee would be entitled for deduction u/s.54 of the Act by placing reliance on the judgement of Karanataka High Court in the case of CIT Vs.Shri R.Srinivas reported in 2015-TIOL-2623-HC Kar-II. However, we came across the decision of same High Court in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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