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2019 (5) TMI 403 - AT - Income TaxDisallowance of exemption u/s. 54 - investment towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income u/s 139(5) - outer limit for the purchase or construction of the new asset as per sub-section (2) of Sec. 54 is the date of furnishing of the ‘return of income’ u/s.139 - HELD THAT:- On a plain and literal interpretation of the aforesaid statutory provision, it can safely be gathered that the conscious, purposive and intentional providing by the legislature of “date of furnishing the return of income under Sec.139” cannot be substituted and narrowed down to Sec.139(1). In our considered view the date of furnishing of the return of income u/s 139 would safely encompass within its sweep the time limit provided for filing of the ‘return of income’ by the assessee u/s 139(4) as well as the revised return filed by him u/s 139(5). Assessee in the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income u/s. 139(5) i.e. on 15.11.2014. As is discernible from the records, as the assessee had invested an amount of ₹ 2,49,94,008/- towards the purchase of the property under consideration up to 15.11.2014, i.e. the date of filing of the revised return of income u/s. 139(5) which we find is much in excess of LTCG of ₹ 1,44,51,461/- (after indexing) that had arisen on the sale of the aforementioned old residential flat, therefore, no part of the LTCG as rightly claimed by the assessee was liable to be brought to tax during the year under consideration. We thus in terms of our aforesaid observations set aside the order of the CIT(A) and vacate the disallowance of the assesses claim of exemption u/s. 54.
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