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2017 (10) TMI 1481 - AT - Income TaxDenial of exemption u/s.54B - investment beyond the period of due date for filing return of income as specified u/s.139(1) but within the date specified u/s. 139(4) - HELD THAT:- The Hon'ble Punjab & Haryana High Court in another case CIT Vs. Jagtar Singh Chawla [2013 (4) TMI 499 - PUNJAB AND HARYANA HIGH COURT] following the ratio laid down in the case of Rajesh Kumar Jalan [2006 (8) TMI 126 - GAUHATI HIGH COURT] allowed assessee’s claim of exemption u/s. 54F where the assessee paid substantial amount of sale consideration for residential house within extended period of filing return of income u/s. 139(4) of the Act. The provision of sub section (2) of Section 54, provision of sub section (2) of section 54B and provisions of sub section (4) of Section 54F are perimeteria. The judgments on which the ld. AR has placed reliance are rendered with reference to claim of exemption u/s. 54/54F. Since provisions of sub section (2) of section 54 and 54B and (4) of section 54F are identical, therefore, ratio laid down by the various Hon'ble High Courts would apply to provisions of section 54B (2) as well. Thus, we find merit in ground No. 1 raised by the assessee in appeal and the same is accepted. The assessee is eligible to claim exemption u/s. 54B in respect of investment made towards purchase of agriculture land within the time limit for filing return of income specified under section 139(4). Levy of interest u/s. 234B and 234C - HELD THAT:- Since, ground no. 1 raised by the assessee has been allowed and it has been contended that interest u/s. 234B and 234C has been levied in respect of disallowance of exemption u/s. 54B, we deem it appropriate to remit the issue back to the file of Assessing Officer to grant consequential relief to the assessee, in line with the relief granted to the assessee by us.
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