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2018 (1) TMI 1000 - HC - Income TaxEligibility to deduction u/s 54B and u/s. 54F - assessee has not deposited the net sale consideration in the capital gain account - belated investment - beyond the due date specified u/s 139(1) but within the date specified u/s 139(4) - whether specific provisions of Section 54B(2) and 54F(4) which refers to the due date of Section 139(1) and not Section 139(4) - Held that:- Admittedly, while considering the prosecution, the provisions are to be very strictly construed whereas in the case of exemption and other benefits, it is to be construed from the statue very liberally. The contention of Mr. Singhi that under Section 139, investment is to be made before the return is filed otherwise it will render the provision nugatory is to be considered in the light that while considering the case, Karnataka High Court in Fathima Bai 2008 (10) TMI 563 - KARNATAKA HIGH COURT) has considered the provisions and interpreted the same. Even the same is accepted by the Punjab and Haryana High Court and Gauhati High Court which has taken the view contrary to Kerala High Court decision. In that view of the matter, three High Courts have taken the view and the tribunal has followed the Karnataka High Court which has followed the earlier Gauhati judgment which has been independently supported by the Punjab Harayana High Court. - Decided in favour of the assessee
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