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2018 (8) TMI 1244 - ITAT AHMEDABADDeduction u/s 54B - capital gains arising on sale of agricultural land - The assessee has neither acquired the new asset (agricultural land) nor deposited the amount of capital gain in the specified bank account within the due date of filing of return of income under s.139(1) - belated return was filed u/s 139(4) - Held that:- when an assessee furnishes return subsequent to due date of filing return under s.139(1) but within the extended time limit under s.139(4), the benefit of investment made up to the date of furnishing of return of income prior to filing return under s.139(4) cannot be denied on such beneficial construction. On the basis of legal principles set out above, the assessee would be required to demonstrate before the AO that the investment in the new asset has actually happened before furnishing of return of income by the assessee under s.139(4) of the Act on 24.02.2014. The AO shall grant relief to the assessee under s.54B of the Act in accordance with law, where it is found that the investment has been carried out in the new asset as contemplated in Section 54B before the date of furnishing belated return of income under s.139(4) of the Act. - Matter remanded back - Decided in favor of assessee ex parte for statistical purposes.
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