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2023 (2) TMI 344 - AT - Income TaxExemption u/s. 54B denied - Assessee did not file return of income within due date specified as per the amendment in sixth Proviso of section 139(1) - HELD THAT:- As observed on the amendment in section 139(1) of sixth Proviso, section 54, section 54B or section 54D or section 54EC or section 54F or section 54G or section 54GA or section 54GB were inserted by the Finance Act, 2019 which is effective from 01.04.2020, but the impugned case on hand is related to the AY 2006-07. It indicates that the exemption u/s 54B can be claimed without filling of return of income , now it has been amended by the Finance Act. 2019. The arguments advanced by the ld. DR. will not support the case of the revenue regarding compulsory filing return of income for getting exemption u/s. 54B of the I.T.Act r.w.s. 80C & 139(1). Issue is remitted back to the file of the AO for the purpose of verification whether the assessee has fulfilled the conditions of section 54B of the I.T. Act for getting exemption or not and the assessee is directed to provide necessary documents for substantiating his claim before the AO and further directed not to seek unnecessary adjournments for early disposal of case. The AO shall give three effective opportunities to the assessee and decide the issue as per law. Appeal of the assessee is allowed for statistical purposes.
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