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2022 (10) TMI 544 - AT - Income TaxExemption u/s 54 - investment towards the purchase of new residential property - As submitted exemption needs to be allowed if the amount is invested on or before the due date of filing of return under section 139(4) - HELD THAT:- As relying on ratio laid down by in the matter of Xavier J. Pulikkal v. Dy. CIT [2014 (4) TMI 211 - KERALA HIGH COURT] it can be safely be concluded that the assessee in the case before us is entitled to claim exemption under section 54 to the extent she had invested towards the purchase of new residential property under consideration upto the date of filing of belated return under section 139(4) i.e. 31.03.2014. In the case before us assessee purchased new property well before the deadline given in section 139(4) i.e. 30.04.2013 for Rs. 1,66,74,200/-. Which we find is much in excess of LTCG of Rs. 1,19,45,236/-. We therefore, in terms of our aforesaid observations set-aside the order of the CIT(A) and vacate the disallowance of the assessee’s claim of exemption under section 54 of Rs. 1,19,45,236/- as was sustained by him. Appeal filed by the assessee is allowed.
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