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2021 (8) TMI 451 - AT - Income TaxDeduction u/s 54F - denial of claim for the reasons that the assessee had not furnished the return of income for the instant assessment year either u/s 139(1) or u/s 139(4) - assessee deposited the Long Term Capital Gain earned, in LTCG account scheme in the bank and also utilized the same - HELD THAT:- Although the assessee had not filed the return of income under section 139(1) of the Act but deposited the total sale consideration from residential plot held as LTCG asset in the bank account and also utilized the same for purchase of the house within the time allowed- deduction claimed under section 54F of the Act by the assessee cannot be denied on the sole ground that no return of income was filed by the assessee under section 139(1) of the Act. Respectfully following the aforesaid referred to orders by the Coordinate Benches of the ITAT, are of the view that the A.O. was not justified in denying the claim of the assessee for deduction under section 54F of the Act and the Ld. CIT(A) was not justified in confirming the action of the A.O. therefore, the addition made by the A.O. and sustained by the Ld. CIT(A) is deleted. - Decided in favour of assessee.
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