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2016 (2) TMI 1193 - ITAT INDOREDeduction claimed u/s 54F - assessee has not filed the return of income in time and not deposited the amount in the Capital Gains Deposit Scheme, 1998, within the stipulated time of furnishing the return of income - Held that:- As decided in COMMISSIONER OF INCOME-TAX VERSUS RAJESH KUMAR JALAN. [2006 (8) TMI 126 - GAUHATI HIGH COURT] Section 139 cannot mean only Section 139(1) but it means all sub-sections of Section 139. Under sub-Section (4) of Section 139, any person who has not furnished a return within the time allowed to him under sub-Section (1) of Section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Such being the situation, it was the case of the assessee that he could fulfill the requirement u/s 54 for exemption of the capital gain from being charged to income-tax on the sale of property used for residence up to 30-3-1998, inasmuch as the return of income tax for the assessment year 1996-97, could be furnished before the expiry of one year form the end of the relevant assessment year or before the completion of the assessment, whichever is earlier, under sub-Section (4) of Section 139. Also see COMMISSIONER OF INCOME-TAX-II, CHANDIGARH VERSUS MS. JAGRITI AGGARWAL [2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT] - Decided in favour of the assessee.
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