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TMI Blog2019 (10) TMI 657X X X X Extracts X X X X X X X X Extracts X X X X ..... of income before the due date under Section 139(1) of the Act. The requirement of Section 54F of the Act is that the assessee within a period of one year before or two years after the date of transfer took place, shall purchase or within a period of three years after the date, shall construct one residential house in India. If for any reason, the assessee could not appropriate the capital gain for purchase of new asset within one year before the date on which the transfer is originally took place or which is not utilised in purchase of new asset before the due date for filing the return of income under Section 139 of the Act, shall deposit in the appropriate account before the due date for filing return of income under Section 139(1) of the Act. Therefore, the Parliament in their wisdom does not provide any condition for filing of return of income before the due date provided under Section 139(1) of the Act. Wherever the Parliament feels that return has to be filed under Section 139(1) of the Act, they are so specific for the purpose of claiming benefit under that scheme. For the purpose of deduction under Section 54F of the Act, the Parliament specifically omitted to say th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is only ₹ 25 lakhs and not ₹ 30 lakhs. Therefore, according to the Ld. counsel, the Assessing Officer is not justified in adopting ₹ 30 lakhs as sale consideration. 7. The next ground of appeal is with regard to claim of deduction under Section 54F of the Act. According to the Ld. counsel for the assessee, the assessee has invested along with Shri S. Sathyamurthy. When his case came before this Tribunal in I.T.A. No.1281/Chny/2018, according to the Ld. counsel, this Tribunal by an order dated 30.10.2018, found that Shri Sathyamurthy is eligible for deduction under Section 54F of the Act. Therefore, the Ld.counsel submitted that the very same order may be followed. 8. On the contrary, Shri K. Hari Govind, the Ld. Departmental Representative, submitted that the Assessing Officer has taken ₹ 30 lakhs as sale consideration. According to the Ld. D.R., the assessee has not filed return of income for the assessment year under consideration. Therefore, the decision of this Tribunal in Shri S. Sathyamurthy (supra) may not be applicable. 9. I have considered the rival submissions on either side and perused ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e years after that date constructed, one residential house in India (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45 ; (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45 : Provided that nothing contained in this sub-section shall apply where-(a) the assessee,-(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset ; or(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset ; or(iii) constructs any residential house, other than the new asset, within a period of three ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble in the case of the assessee for furnishing the return of income under sub-section (1) of section 139 in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit ; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be the cost of the new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,-(i) the amount by which-(a) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of subsection (1),exceeds(b) the amount that would not have been so charged had the amount actually utilised by the assessee for the purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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