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2017 (5) TMI 289 - AT - Income TaxClaim of deduction under section 54F - Held that:- The assessee has not deposited within the due date for filing of return of income. In fact, the assessee filed the return on February 6, 2013 within the time provided under section 139(4) of the Act. The return was not filed within the time provided under section 139(1) of the Act. Therefore, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Assessing Officer. Accordingly, the orders of the authorities below are set aside and the entire claim of deduction under section 54F of the Act is remitted back to the file of the Assessing Officer. The Assessing Officer shall reconsider the issue afresh and find out whether the assessee has invested the money in construction of property after getting approval of Panchayat Union Disallowance of amount invested in REC Bonds - Held that:- Admittedly, the property was sold on January 10, 2011 and the assessee deposited a sum of ₹ 50 lakhs on March 31, 2011 and another sum of ₹ 20 lakhs on June 30, 2011 in REC Bonds. REC Bond, admittedly, is a capital gain bond. Since the deposit was made within the due date for filing of the return of income, this Tribunal is of the considered opinion that the Commissioner of Income-tax (Appeals) has rightly allowed the claim of the assessee. Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed.
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