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2011 (10) TMI 279 - HC - Income Tax
Property Sold on 13.1.06 - due date under 139(1) 31.07.06 return filed 31.03.07 - assessee failed to deposit the amount in Capital Gain Account Scheme and also failed to purchase house property before the due date of filing the return of income - revenue contended Capital gain chargeable under Section 45 - Held That:- In view of Karnataka High Court in Fathima Bai and
Rajesh kumar jalan (2006 - TMI - 9858 - GAUHATI High Court), that time limit for deposit under Scheme or utilization can be made before the due date for filing of return under Section 139(4) of the Act. Sub-Section (4) of Section 139 provides extended period of limitation as an exception to Sub-Section (1) of Section 139 of the Act. Sub-Section (4) is in relation to the time allowed to an assessee under Sub-Section (1) to file return. Therefore return filed by the assessee before the expiry of the year ending with the Assessment Year is valid under Section 139(4) of the Act. Decided in favour of assessee.