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2019 (2) TMI 1318 - AT - Income TaxDenial of deduction u/s 54F - belated deposits in the scheme is not in terms with the provisions of the Act - deposit in the capital gain account scheme has been made on 31.03.2014 i.e. on or before extended due date in terms of Section 139(4) of the Act instead of depositing it on or before the due date 31 07-2013 in terms of Section 139(1) - deposits made in the designated capital gain account scheme within the extended due date under s.139(4) - HELD THAT:- In the present case, we are concerned with utilization of net consideration arising on sale of original assets towards deposit in capital gain account scheme. The time stipulated for such deposit is qua Section 139(1) of the Act. Hence, the suggestion on behalf of the assessee for eligibility of deposits subsequent to expiry of time limit under s.139(1) of the Act [expressly provided in the Act] is not aligned with and militates against the plain provisions of law codified in Section 54F(4) of the Act. The mandate of Section 54F(4) of the Act being crystal clear, it is quite difficult to depart therefrom. While holding so, we also refer to the decision of the Hon’ble Supreme Court rendered in the case of Dilipkumar & Co. [2018 (7) TMI 1826 - SUPREME COURT OF INDIA] requiring strict construction of beneficial provision. In the absence of any ambiguity in the exemption provision for eligibility, we do not see any reason to interfere with the order of the CIT(A) where the net consideration has not been utilized for the purposes of deposit in the notified bank account in terms of Section 54F(4) of the Act before due date specified under s.139(1) of the Act. We now turn to decisions referred to on behalf of the assessee. These decisions were rendered in the context of their own facts. In both cases, the consideration was invested for purchase of residential house within stipulated period. In the instant case, the issue is with reference to deposit in scheme. Coupled with this, the benefit of law on interpretation of beneficial provision by Hon’ble Supreme Court in Dilipkumar & Co. (supra) was not available in those cases. - Decided against assessee.
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