TMI Blog2015 (10) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... this point, it can be said that Sec. 139 cannot mean only Sec. 139(1) but it means all sub-sections of Sec. 139. Under Sub-Sec. 4 of Sec. 139, any person who has not furnished a return within the time allowed to him, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. There is no dispute that the return of the assessee was filed u/s. 139(4) of the Act. There is also no dispute that the assessee has otherwise complied with the provisions of Sec. 54F of the Act i.e. invested the entire consideration in the purchase of house property. The Revenue authorities have taken a hyper technical issue which i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filled, then why the exemption should not be denied. The assessee filed a detailed reply. It was explained that the sale proceeds could not be deposited in the capital gain account but the same was invested in the deposits with Punjab Maharashtra Co. Op. Bank and subsequently the sale proceeds were utilized for the purchase of house property. After considering the submissions of the assessee, the AO referred to Sec. 54F(4) of the Act and concluded that the assessee has not utilized the net consideration received on the sale of plot of land for the purchase of new house as per provisions of the Act and therefore not eligible for the claim of deduction u/s. 54F of the Act. 4. Aggrieved, the assessee carried the matter before the Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ec. 139(1) of the Act. In our understanding of law, from a reading of Sec. 54F(4), it is clear that only Sec. 139 have been mentioned therein in the context that the unutilized portion of the capital gains on the sale of property used for residence should be deposited before the date of furnishing the return of income u/s. 139 of the Act. At this point, it can be said that Sec. 139 cannot mean only Sec. 139(1) but it means all sub-sections of Sec. 139. Under Sub-Sec. 4 of Sec. 139, any person who has not furnished a return within the time allowed to him, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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