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2020 (1) TMI 450 - ITAT SURATDisallowance of deduction u/s. 54F in respect of capital gain - not admitting the claim of deduction made in respect of deposits made in the capital gains scheme account beyond the date specified in section 139(1) - HELD THAT:- Hon'ble Apex Court in SMT. TARULATA SHYAM AND OTHERS [1977 (4) TMI 3 - SUPREME COURT] has held that “there is no scope for importing into the statue words which are not there” whereas as per the facts of the present case different Hon'ble High Courts have time and again interpreted the provisions of section 54 of the Income Tax Act and in all those judgments it has been held that even if the sale consideration received on transfer of asset is deposited into the capital gain bank account before the due date of filing the return of income prescribed u/s.139(4) of the Act then the deduction u/s.54 of the Act cannot be denied. We are of the firm view that the judgment referred to by the ld.CIT(A) of Hon'ble Apex Court in the case of Smt. Tarulata Shyam is not applicable to the facts and circumstances of the case rather the judgment has cited above are clearly applicable to the facts and circumstances of the present case wherein it has been held that even if the sale consideration received on transfer of asset is deposited into the capital gain bank account before the extended date of filing the Return of Income u/s.139(4) of the Act, the deduction u/s.54F of the Act cannot be denied. Since from the facts of the present case the amounts has already been deposited by the assessee in the capital gain account with the bank before the due date for filing Return of Income u/s.139(4) of the Act, thus in this eventuality the deduction u/s.54F of the Act cannot be denied to the assessee and thus we allow this ground and set-aside the order of the ld.CIT(A) and direct the AO to give deduction to the assessee u/s.54F of the Act, accordingly effective ground of the assessee is allowed.
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