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2014 (1) TMI 1922 - AT - Income TaxExemption u/s 54 - Denial of exemption as assessee failed to invest LTCG for purchase of residential flat within a period of one year from the date of transfer of such flat and had also failed to deposit the amount of capital gain in the capital gain account before the due date of furnishing of return of income u/s 139(1) as per provisions of section 54(2) - HELD THAT:- As relying on MR. KISHORE H. GALAIYA [2012 (9) TMI 40 - ITAT, MUMBAI], FATHIMA BAI [2008 (10) TMI 563 - KARNATAKA HIGH COURT], RAJESH KUMAR JALAN. [2006 (8) TMI 126 - GAUHATI HIGH COURT] and MS. JAGRITI AGGARWAL [2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT] if the assessee had utilized the amount which was more than capital gain earned towards construction of new residential house within the extended period u/s 139(4) of the Act, there was no default in not depositing the amount into the Capital Account Gain Scheme and the claim of the assessee cannot be denied. That the assessee is entitled to exemption u/s 54 of the Act. Appeal of revenue dismissed.
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