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2022 (1) TMI 1196 - AT - Income TaxDeduction u/s 54 - Belated filing of return u/s 139(4) - amount of capital gain invested for new asset purchased or construction of new asset within the time prescribed - whether the deduction under Section 54 can be claimed to the extent of amount of capital gain invested for new asset purchased or construction of new asset within the time prescribed under Section 54F(4) of the Act, till the filing of the Income Tax Return under Section 139(4)? - HELD THAT:- Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Jagriti Aggarwal [2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT] dealt with an identical issue and while relying upon Hon'ble Gauhati High Court judgment in the case of CIT Vs. Rajesh Kumar Jalan [2006 (8) TMI 126 - GAUHATI HIGH COURT] held and justified the utilization of the capital gain for purchase of property before the extended due date under Section 139(4). It is clear that the deduction under section 54F of the Act can be claimed to the extent of amount of capital gain utilized till the filing of the return under Section 139(4) of the Act. As in the instant case, the ld. Commissioner allowed the deduction under Section 54 of the Act to the extent only which was invested/utilized by the Assessee till the due date of filing the return under Section 139(1) of the Act and therefore, respectfully following the mandates of the Hon'ble High Courts, we are inclined to allow the deduction under Section 54F of the Act to the extent of amount of capital gain invested/utilized till the filing of the return by the Assessee on 29th March, 2014 under Section 139(4) - Decided in favour of assessee.
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