9911796707
TMI Blog2021 (11) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal by the assessee against the order dated 20-02-2017 passed by the Commissioner of Income Tax (Appeals)-1, Aurangabad ['CIT(A)'] for assessment year 2012-13. 2. The assessee raised four grounds of appeal amongst which the only issue emanates for our consideration is as to whether the CIT(A) is justified in denying the deduction u/s. 54F of the Act in the facts and circumstances of the case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well within the stipulated time prescribed u/s. 139 of the Act. The AO held the explanation of the assessee has no relevance at all as the assessee did not invest the said amount of capital gains before the due date of furnishing of return of income u/s. 139(1) of the Act. The CIT(A) held that after the sale of capital asset till the date of investment the funds had to be deposited in an account a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le proceeds in a residential house and filed return of income u/s. 139(4) of the Act on 02-09-2013 and the due date of filing of such return of income is available up to 31-03-2014. He argued that the assessee is entitled to get deduction u/s. 54F of the Act as the assessee invested the amount of capital gains in a residential house before due date as available u/s. 139(4) of the Act. 5. The main ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the new asset before filing of return of income u/s. 139(4) of the Act. It is noted as per the case laws as submitted by the ld. AR, which held that the requirement of utilization of capital gain amounts before the date of furnishing of return of income u/s. 139 of the Act, which include all sub-section 139 of the Act including sub-section (4) of the Act. In view of the same, in our opinion, that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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