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2017 (11) TMI 1966 - AT - Income TaxExemption u/s 54 - assessee did not file her return of income - neither the net sale consideration was utilised towards construction of new property nor was the same kept in the Capital Gain Account Scheme - whether claim can be availed only in respect of the entire capital gains utilized within the time prescribed u/s 139(1) and not 139(4)? - HELD THAT:- The assessee has not filed her return of income within the time allotted u/s.139(1) of the Act i.e. 31.07.2010 on the reason that the income of assessee was below the taxable limit. However, the assessee invested the entire consideration in the purchase and construction of a new residential property before the time allotted to file her return of income u/s.139(4). The argument of ld.D.R is having no merit. The income of assessee, if excluded the capital gain that the impugned amount of addition, is below the taxable income. Being so, the assessee is not liable to file her return u/s.139 of the Act. Since the assessee has invested the impugned amount in construction of a new residential house within the time is allowed u/s.139(4) of the Act, the assessee is entitled u/s.54F - Decided in favour of assessee.
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