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2020 (8) TMI 409 - AT - Income TaxDeduction u/s 54F - Assessee claims to have made payments by the time allowable for filing the revised return of income under section 139 (4) - HELD THAT:- As decided in the case of Smt. Vatsala Asthana [2019 (10) TMI 1025 - ITAT DELHI] in support of the contention that for the purpose of utilisation of the amount for purchases/construction of residential house, the date of filing of return of income under section 139 (1) of the Act has to be construed with reference to the due date prescribed for filing return of income under section 139 (4) of the Act. Respectfully following the above decision rendered by a coordinate Bench of this Tribunal in the light of the decision in the case of K.Ramachandra Rao [2015 (4) TMI 620 - KARNATAKA HIGH COURT] we are of the considered opinion that in case the assessee paid the amount equivalent to or more than the capital gains derived in the sale transaction of the house, the assessee is entitled to claim the relief under section 54F of the Act. We set aside the impugned order and direct the assessing officer to consider the amount utilised by the assessee for purchase of the house till the time allowable under section 139 (4) of the Act for filing the revised return, for deduction under section 54F of the Act. Appeal of the assessee is allowed in part.
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