Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 761 - AT - Income TaxDeduction u/s 54F - whether the sales consideration invested in Capital Gain Account within the period allowed u/s 139 (4) should also be considered to be within the period allowed u/s 139(1) of the Act? - Held that:- The assessee is entitled for deduction u/s 54F in respect of the sales consideration utilised within the extended time of filing of return of income u/s 139(4) of the Act, for purchase/construction of new residential house and for investment in Capital Gain Account. It appears from the records that the assessee has invested total sum of ₹ 1,50,21,799/- ( i.e. ₹ 43,61,799/- in making payment for the purpose of new residential house and deposit of ₹ 1,06,60,000/-in capital Gain Account ) before filing the return of income u/s 139(4) of the Act, which is more than the sales consideration of ₹ 1,50,00,000/- of original assets and thus the assessee is entitled for deduction u/s 54F of the Act of whole of the Long Term Capital Gain of ₹ 1,43,03,205/- arising from the capital assets transferred during the relevant previous year. Hence the addition of ₹ 1,01,44,025/- made to returned income is deleted. Thus the appeal of the assessee is allowed.
|