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Mr. Padmanabh Pandurang Pawar Versus Income Tax Officer

2015 (10) TMI 1426 - ITAT MUMBAI

Rejection of claim of deduction u/s. 54F - assessee failed to deposit the net consideration in the capital gain account scheme - Held that:- The undisputed fact is that the assessee has purchased a new house property before filing the return u/s. 139(4) of the Act. It is also an undisputed fact that this transaction has not been disputed by the AO.

As 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 o .....

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t 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 in our considered opinion cannot be accepted as it would deny the benefit of a beneficial pro .....

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o assessment year 2009-10. 2. The sum and substance of the grievance of the assessee is that the Ld. CIT(A) erred in confirming the order of the AO rejecting the claim of deduction u/s. 54 of the Act. 3. Briefly stated the facts of the case are that while scrutinizing the return of income for the year under consideration, the AO noticed that the assessee has sold a plot of land on 18.3.2009 and has claimed exemption u/s. 54 by making payment on 11.8.2009 and 31.8.2009 of ₹ 3,00,000/- & .....

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oceeds 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 therefor .....

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filing the return, the assessee has utilized the entire sale consideration into the purchase of new house property and therefore entitled for deduction u/s. 54F of the Act. 6. The Ld. Departmental Representative strongly supported the orders of the lower authorities. It is the say of the Ld. DR that compliance to the statutory provision is mandatory and the assessee has failed to comply with the provisions of Sec. 54F of the Act and therefore the Ld. CIT(A) rightly upheld the denial of Sec. 54F .....

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