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2015 (5) TMI 580 - AT - Income TaxDisallowance of deduction u/s 54B - non utilization of capital gain before the due date of furnishing of the return - investment in the agricultural land - CIT(A) deleted the disallowance - assessee sold urban agricultural land and claimed the deduction u/s 54B on account of investment made in agricultural land - Held that:- The assessee can furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or be fore the completion of assessment whichever is earlier. In the present case, the assessment year assessment year 2007-08 which ends on 3118/2008 . Therefore, the period extended by one year end on to 31 st March 2009 and in the present case the assessee made the investment in the agricultural land before the extended due date for filing the return of income u/s139(4) of the Act i.e. 31/3/2009. Therefore, the Ld. CIT(A) was fully justified in directing the AO to allow the deduction u/s 54B of the Act. We do not see any infirmity in the impugned order of the Ld. CIT(A) on this issue. See CIT Vs. Rajesh Kumar Jalan [2006 (8) TMI 126 - GAUHATI High Court] - Decided in favour of assessee.
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