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2017 (6) TMI 771 - AT - Income TaxDisallowance of exemption u/s 54 - non deposit unutilized amount in the capital gain account before the due date of furnishing of return u/s 139(1) - Held that:- The assessee shall be entitled for deduction u/s 54 to the extent the amount is invested by the assessee in purchase/construction of the new asset till the date of furnishing of return by the assessee on 31/03/2009, for which the Assessing Officer is directed to allow the deduction in accordance with our aforesaid directions. The assessee shall not be entitled for deduction u/s 54 on the amount, which has been deposited in capital gain account maintained with the bank beyond the due date of furnishing of return of income u/s 139(1) of the Act. As in the instant case assessee has not deposited the unutilized amount in the capital gain account before the due date of furnishing of return u/s 139(1) and hence as per section 54(2), no deduction shall be allowed to the assessee with respect to the deposits of ₹ 60 lakhs made with the capital gain account with the bank. See Humayun Suleman Merchant (2016 (9) TMI 70 - BOMBAY HIGH COURT) - Decided against assessee.
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