Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 1025 - AT - Income TaxExemption u/s 54F - quantum of deduction allowable under section 54F - dispute is regarding the amount of payment made for purchase of the residential flat (new asset) before the due date of the filing of return of income - contention of the assessee is that the due date of the filing of the return of income should be reckoned as under section 139(4) of the Act, whereas according to the Revenue, the due date of the filing of the return of income should be as per section 139(1) - HELD THAT:- In the case of the assessee, due date of the filing of return of income in terms of section 139(1) of the Act is 31/07/2012 and due date for filing return of income in terms of section 139(4) of the Act is 31/03/2014 (i.e. one year from the end of relevant assessment year or completion of assessment, whichever is earlier). As far as payment made for purchase of new asset before 31/07/2012 is concerned AO has also accepted in remand proceeding allowability of the sum of ₹ 50,36,422/- and thus, we hold that this amount is undisputedly allowable for considering deduction under section 54F of the Act. Regarding the payment made by the assessee before 31/03/2014, Hon’ble High Court of Rajasthan in the case of Shankar Lal Saini [2018 (1) TMI 1000 - RAJASTHAN HIGH COURT] held that, where assessee, an individual deposited unutilized sale consideration in capital gains scheme within the due date of filing of belated tax return under section 139(4), the capital gains relief under section 54F of the Act would be allowable The payment made by the assessee towards purchase of residential house up to the due date of filing of the return of income prescribed under section 139(4) of the Act i.e. 31/03/2014 is allowable for considering deduction under section 54F of the Act. Respectfully, following the above decisions, we accordingly direct the Assessing Officer to consider amount utilized by the assessee for purchase of the house till 31/03/2014(which includes the payment of ₹ 50,36,422/- made up to 31/07/2012) for deduction under section 54F of the Act. - Decided partly in favour of assessee
|