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2018 (5) TMI 2119 - AT - Income TaxExemption u/s 54 - AO found that the assessee had not deposited the sale proceeds of the properties sold in the Capital Gains Accounts Scheme (CGAS) - assessee submitted that the main intention of law is to grant exemption of the capital gains arising out of sale of a house property to the extent of amount invested in the new residential property - HELD THAT:- As relying on Rajesh Kumar Jalan [2006 (8) TMI 126 - GAUHATI HIGH COURT] and Kishore H. Galaiya [2012 (9) TMI 40 - ITAT, MUMBAI] Under sub-section (4) of section 139 of the Income-tax Act 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 year whichever is earlier - since the assessee had invested the whole amount which was within the extended period of filing the return of income u/s 139(4) therefore, the assessee was entitled to claim exemption u/s 54(F). The assessee had thus utilized the amount which was more than capital gain earned towards construction of new residential house within extended period u/s 139 (4) and therefore the there was no default in not depositing the amount under the capital gain account scheme. Therefore, the claim made by assessee cannot be denied - Decided in favour of assessee.
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