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2018 (4) TMI 74 - AT - Income TaxClaim for exemption u/s.54F for investment made in a residential house not allowed while computing capital gains - whether assessee completed the construction before 31.03.2008? - whether the construction was carried out within the time limit available u/s.139 of the Act? - Held that:- If a person has not furnished the return of the previous year within the time allowed under subsection (1), i.e., before the 31st day of July of the assessment year, the assessee can file return before the expiry of one year from the end of the relevant assessment year. In the case before us, the valuation report filed by the assessee clearly show that he had completed the construction of the new residential house by March, 2008. That apart, assessee had also furnished before the ld. Commissioner of Income Tax (Appeals) electricity bills, dated 04.10.2007 and 07.12.2007. Assessee having completed the construction before 31.03.2008, in my opinion judgment of Hon’ble Punjab and Haryana High Court in the case of Ms. Nagriti Agarwal (2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT) will come to its aid. The date of actual filing of return by the assessee is irrelevant for construing the time limits within which the investments have to be made for availing exemption u/s.54F of the Act. Since the assessee had invested in the new residential house within the time limits specified under the Act, the question of depositing the consideration received on the sale of the property in an account under the Capital Gains Account Scheme also does not arise. Therefore assessee was eligible for claiming exemption u/s.54F - Decided in favour of assessee
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