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2020 (12) TMI 982 - AT - Income TaxExemption u/s 54 - Assessee has not invested an amount which should have been invested in capital gain account scheme - HELD THAT:- In the present case, the assessee filed the return of income for the assessment year 2014-15 on 13.6.2014 before the due date of filing return u/s 139(1) of the Act. However, by that time, he has not utilized the amount of ₹ 2,59,03,849/- in construction of new residential house or deposited the same in capital gain account scheme as notified by the Central Government. In other words, unutilized capital gain should have been deposited in capital gain account before due date of filing of return u/s 139(1) of the Act. Now the contention of the Ld. A.R. is that even if the assessee deposited unutilized portion of capital gain after the due date provided u/s 139(1) of the Act, assessee is entitled for deduction u/s 54 of the Act. This argument cannot be upheld. To avail benefit u/s 54 of the Act, unutilized portion of capital gains shall be deposited by assessee in capital gain account scheme before due date of filing of return of income u/s 139(1) of the Act as prescribed u/s 54(2) of the Act. We are of the view that in the case of assessee the deduction claimed should be examined in the parameters of section 54F - We make it clear that assessee shall furnish necessary evidences of construction or purchase of new residential property in Chicago, USA. A.O. has to examine the same and decide the issue in the light of the order cited - We are of the opinion that it is appropriate to remit the issue to examine the claim of the assessee and decide in accordance with law. Appeal of the assessee is partly allowed for statistical purposes.
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