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TMI Blog2017 (5) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. 2. Shri T. Banusekar, the learned representative for the assessee, submitted that the assessee sold a vacant land inherited from her father Shri R. Subramaniam on January 10, 2011. The assessee invested in REC Bonds in two instalments on March 31, 2011 and June 30, 2012 to the extent of Rs. 50 lakhs and Rs. 20 lakhs respectively. The assessee has also taken initiative for construction of residential house and obtained approval from the Neruperichal Panchayat Union for construction of house on July 21, 2011. The Assessing Officer, however, disallowed the investment in bonds to the extent of Rs. 24,42,300 on the ground that the same was not deposited within the time frame provided under section 139(1) of the Income-tax Act, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee admittedly invested a sum of Rs. 50 lakhs on March 31, 2011. The Assessing Officer allowed the claim of the assessee with regard to this deposit made in REC Bonds. A sum of Rs. 20 lakhs was deposited on REC Bonds on June 30, 2012, which was disallowed by the Assessing Officer. However, the Commissioner of Income-tax (Appeals) allowed the claim of the assessee. The dispute is with regard to Rs. 24,42,000. In the case before us, the assessee has not deposited within the due date for filing of return of income. In fact, the assessee filed the return on February 6, 2013 within the time provided under section 139(4) of the Act. The return was not filed within the time provided under section 139(1) of the Act. Therefore, this Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in REC Bonds on June 30, 2011, which is within the due date provided for filing of return of income under section 139(1) of the Act. Since the capital gain arising out of transfer of property the assessee is eligible for exemption under section54F of the Act in case the money was deposited before the due date for filing of return of income, the learned representative submitted that investing in REC Bonds is one of the methods prescribed by the Legislature for investing the capital gain. Therefore, the Commissioner of Income-tax (Appeals) has rightly allowed the claim of the assessee. 8. I have considered the rival submissions on either side and perused the relevant material available on record. Admittedly, the property was sold on January ..... X X X X Extracts X X X X X X X X Extracts X X X X
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