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2020 (11) TMI 308 - AT - Income TaxEligibility of deduction u/s 54B - Claim denied as investment made prior to the date of the sale of the land on which the capital gain arose - AO held that only the amount utilized/invested till the due date of the filing of the return of income u/s 139(1) was eligible for deduction u/s 54B and the remaining amount would be eligible for deduction only is such amount was deposited in the account in a specified bank or institution before the due date as provided under section 139(1) - as argued investment made in purchase of agriculture land till the extended date of filing of the return of income as provided under section 139(4) - HELD THAT:- CIT(A) has claimed to have followed the decision of the Hon’ble Jurisdictional High Court in the case of Jagriti Agrwal [2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT] but according to him, the benefit of utilising the capital gains amount to the extended date as provided under section 139(4) would be allowable only to the date of the actual filing of return of income by the assessee. In this case, limitation for filing of the return of income in terms of section 139(4) expires on 31/03/2012 but the actual return of income was filed on 29/09/2011 and, therefore, the Ld. CIT(A) restricted the deduction for the amount invested in purchase of the agriculture land till 29/09/2011. The coordinate bench in the case of Smt. Vatsala Asthana [2019 (10) TMI 1025 - ITAT DELHI]has allowed benefit of deduction under section 54 of the Act for the payment made towards purchase of the residential house up to the due date of the filing of the return of income prescribed under section 139(4) - The Section 54B is pari-materia with Section 54 of the Act. Also see SH. VIJAY CHAUDHARY C/O RAVI GUPTA, ADVOCATE VERSUS ITO, WARD 4 (4) GURGAON [2019 (7) TMI 857 - ITAT DELHI] Parties could not get verified the exact amount invested in purchase of agricultural land till the qualifying period, thus, we feel appropriate to set aside the finding of the Ld. CIT(A) and restore the issue in dispute of deduction under section 54B of the Act to the file of the Learned Assessing Officer for verifying the investment in purchase of agriculture land and decide the issue of deduction u/s 54B of the Act afresh in accordance with law after providing adequate opportunity of being heard to the assessee. As per the record, we find that against the order of the Learned CIT(A), the Revenue is not in appeal, which means the Revenue has accepted the decision of the Ld CIT(A) - Appeal of the assessee is allowed for statistical purposes
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