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2013 (1) TMI 290 - AT - Income TaxExemption under section 54F - denial on non investing any amount of the sale proceeds in the capital gains accounts scheme before the due date u/s 139(1)- Held that:- The due date for filing the return of income under section 139(1) was on or before 31/7/2007. However, under section 139(4), the assessee was entitled to file the return up to 31/3/2009. The assessee had utilized the sale proceeds for construction of house, which was completed before 26/3/2009 (which is not in dispute). The major portion amounting to Rs.49,17,000/- out of the total investment of Rs.55,43,750/- was invested much before 6/11/2008, the date of filing the return. Since the entire amount was invested before the time allowed under section 139, though not under the time allowed under section 139(1), in view of the case of Fathima Bai v ITO [2008 (10) TMI 563 - KARNATAKA HIGH COURT] and the Tribunal order in the case of Nipun Mehrotra v ACIT [2007 (3) TMI 283 - ITAT BANGALORE-B] wherein held that it is sufficient for the assessee to utilize the capital gains for the purchase of a flat before the extended due date under section 139(4) - thus the assessee is entitled to deduction under section 54F - in favour of assessee.
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