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2017 (5) TMI 72 - AT - Income TaxDeduction o/s 54F of the Act - denial on the ground that assessee has not invested the amount as specified in section 54F of the Act - case of assessee is that they had filed return of income u/s 139(1), the time limit available for him to invest on the cost of construction of the building u/s 139(4) of the Act - Held that: - to claim exemption under section 54 one has to be considered the extended time period provided in section 139(4) and not in section 139(1) - though the assessee has filed the return of income under section 139(1) by estimating the cost of construction, he was not able to utilize the entire amount at the time of filing of the return and utilized the same subsequently, and therefore, benefit u/s 54F cannot be denied to the assessee - appeal allowed - decided in favor of assessee.
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