9911796707
TMI Blog2019 (10) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 50,36,422/- and thus, we hold that this amount is undisputedly allowable for considering deduction under section 54F of the Act. Regarding the payment made by the assessee before 31/03/2014, Hon ble High Court of Rajasthan in the case of Shankar Lal Saini [ 2018 (1) TMI 1000 - RAJASTHAN HIGH COURT ] held that, where assessee, an individual deposited unutilized sale consideration in capital gains scheme within the due date of filing of belated tax return under section 139(4), the capital gains relief under section 54F of the Act would be allowable The payment made by the assessee towards purchase of residential house up to the due date of filing of the return of income prescribed under section 139(4) of the Act i.e. 31/03/2014 is allowable for considering deduction under section 54F of the Act. Respectfully, following the above decisions, we accordingly direct the Assessing Officer to consider amount utilized by the assessee for purchase of the house till 31/03/2014(which includes the payment of ₹ 50,36,422/- made up to 31/07/2012) for deduction under section 54F of the Act. - Decided partly in favour of assessee - SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is aggrieved with not considering the sum paid for purchase of the new asset before the due date of the filing of return of income despite allowability of which was accepted by the Assessing Officer in the remand proceeding. In ground No. 3, the assessee is aggrieved by further deduction under section 54F in respect of the payment made for purchase of the flat beyond the due date of the filing of the return of income i.e. 31/03/2012. The grounds of the assessee are connected with single issue of deduction under section 54F of the Act and, thus all the grounds are adjudicated in consolidated manner. 4. The brief facts qua the issue in dispute are that the Assessing Officer noticed sale of plot of land located at Gurgaon, (which was held jointly with her husband) for a total sale consideration of ₹ 1,95,00,000/-. After indexation of the cost of the acquisition, the capital gain was computed at ₹ 1,77,19,468/- and the share of the assessee of the capital gain was worked out to ₹ 88,59,734/-. During the year, the assessee invested a portion of the sale consideration on sale of plot of land (original asset) for purchase of a residential house at Noida (new ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was also not accepted by the Ld. CIT(A) observing that CBDT Circular(supra) was not applicable as circular relate to the circumstances under which entire capital gain was not invested in the new asset due to delay on the part of the Delhi Development Authority (DDA). 7. Before us, the Ld. counsel filed a paper-book containing pages 1 to 7 and referred to page 3 of the paper book, wherein total payments of ₹ 70,08,252/-for purchase of new asset is recorded. The Ld. counsel submitted that the fact of the payment of ₹ 50,36,422/- before 31/07/2012 has even been accepted by the Ld. Assessing Officer in remand proceeding and, therefore, the Ld. CIT(A) is not justified in not considering the amount of ₹ 50,36,422/- for deduction under section 54F of the Act. Regarding the balance payment out of the total payment of ₹ 72,08,252/-made for purchase of the new asset, the Ld. counsel submitted that for the purpose of section 54F, it is not necessary that investment should have been made by the original due date of filing of the return of income under section 139(1) as section 139 cannot meant only section 139(1) , but it means all sub-sections of section 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer of the original asset and if the assessee is unable to invest in purchase of the new asset before filing of return of income, the amount shall be deposited in banks in specified capital gains scheme account, before due date of the filing in terms of section 139(1) of the Act. 12. In the instant case, the dispute is regarding the amount of payment made for purchase of the residential flat (new asset) before the due date of the filing of return of income. The contention of the assessee is that the due date of the filing of the return of income should be reckoned as under section 139(4) of the Act, whereas according to the Revenue, the due date of the filing of the return of income should be as per section 139(1) of the Act. 13. In the case of the assessee, due date of the filing of return of income in terms of section 139(1) of the Act is 31/07/2012 and due date for filing return of income in terms of section 139(4) of the Act is 31/03/2014 (i.e. one year from the end of relevant assessment year or completion of assessment, whichever is earlier). The amount paid by the assessee on the various dates, as mentioned on page 3 of the paper-book, is reproduced as under: S.No. Cheq ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
