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TMI Blog2018 (4) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... leted the construction of the new residential house by March, 2008. That apart, assessee had also furnished before the ld. Commissioner of Income Tax (Appeals) electricity bills, dated 04.10.2007 and 07.12.2007. Assessee having completed the construction before 31.03.2008, in my opinion judgment of Hon’ble Punjab and Haryana High Court in the case of Ms. Nagriti Agarwal (2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT) will come to its aid. The date of actual filing of return by the assessee is irrelevant for construing the time limits within which the investments have to be made for availing exemption u/s.54F of the Act. Since the assessee had invested in the new residential house within the time limits specified under the Act, the q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m sale in a residential house within one year from the date of transfer of property or ought have constructed a residential house within three years from such date of transfer. As per the ld. Assessing Officer, assessee was also obliged to deposit the sums not used for such acquisition/construction in the special capital gains scheme account. According to the ld. Assessing Officer these conditions were not satisfied. Further, according to him, the return for the impugned assessment year was filed by the assessee only on 11.07.2014, after the issue of notice u/s.148 of the Act. Hence, he held that assessee was not entitled for exemption u/s.54F of the Act. Such claim for exemption was denied. 3. Assessee s appeal before ld. Commissioner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. 5. Ld. Departmental Representative strongly supporting the orders of the lower authorities submitted that assessee had failed to prove the completion of construction of the new residential house before the end of three years from the date of the transfer of the asset giving rise to capital gains. Lower authorities, according to him were therefore justified in denying exemption claimed u/s.54F of the Act. As per the ld. Departmental Representative, assessee could not even produce any electricity bills to substantiate its claim for completion of the new house within the stipulated time limit. 6. I have perused the orders and heard the ld. Departmental Representative. It is not disputed that as evidence for construction of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquisition . of residential property prior to due date under section 139(4). Contention of Revenue that deposit in Capital Gain Scheme should have been made prior to due date under section 139(1) is untenable (259 CTR 388 P H) - Copy enclosed. (b) Investment under section 54 B can be made within the period prescribed by Section 139(4) - 172 TTJ 412 Jp, 173 TTJ 634 Chd, 125 DTR 314 Chd. Assessee had specifically relied on the judgment of Hon ble Gauhati High Court in the case of CIT vs. Rajesh Kumar Jalan 286 ITR 282 and that of Hon ble Punjab and Haryana High Court in the case of CIT vs. Ms. Nagriti Agarwal, 339 ITR 610. Hon ble Punjab and Haryana High Court in the latter case had clearly held that Sub Section (4) to Sec. 139 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year. 11. A reading of the aforesaid sub-section would show that if a person has not furnished the return of the previous year within the time allowed under subsection (1), i.e., before the 31st day of July of the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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