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2019 (3) TMI 384 - AT - Income TaxClaim of deduction of long term capital gain claimed u/s 54 - Due date of return u/s 139(1)is 31.07.2013 - Return actually filed on 25.01.2014 - Claimed amount utilized up to 25.01.2014 is allowable - No deposit in capital gain account scheme account - HELD THAT:- When the return of income was filed by the assessee the entire amount which was subject to capital gain tax has not been utilized for the purpose of construction of new house nor were the unutilized amount deposited in the notified bank account in term of section 54F(4) before filing of return of income. The assessing officer has taken into account all amounts utilized for construction of the house, as the dates noted above and therefore in the present facts the decision in the case of Humayun Suleman Merchant [2016 (9) TMI 70 - BOMBAY HIGH COURT] squarely applies the facts of the present case. - Decided in favour of assessee.
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