9911796707
TMI Blog2013 (7) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee during the year under consideration has sold a residential flat No. 504, Mamta Coop Hsg Society, Plot No. 138, Sher E Punjab Society, Off Mahakali Caves Road, Andheri(E), Mumbai-93 for a total consideration of Rs. 26,75,000/-, vide agreement dated 30.01.2008. The long term capital gain was worked out at Rs. 18,90,218/- as per the computation incorporated by the Assessing Officer at page 1 to 2 of the assessment order. The sale proceeds from the sale of flat was reinvested in another property purchased/ registered on 11.08.2008, jointly with her husband in Pune. The Assessing Officer noted that assessee has appropriated only Rs. 10 lakhs for claiming exemption u/s 54, upto the due date of filing of return of income u/s 139( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.2.2008. The Long Term Capital Gain of Rs. 18,90,218/- was re-invested in a property at Pune, jointly with her husband. The appellant had claimed exemption U/s 54 while filing the Return of Income on 30.03.2009. The payments were made from her Canara Bank Account No. 905 as under: Date Amount Remark 08.02.2008 58,500 Brokerage to Mr. Prakash Dadlani 28.07.2008 10,00,000 DD for Purchase of Property at Pune 01.08.2008 50,000 Society Transfer Fees- Gera Landmark Condominium 08.08.2008 30,000 DD for Registration Fees at Pune 08.08.2008 532,600 DD for Stamp Duty at Pune 11.08.2008 530,000 Towards Purchase of Property 11.09.2008 125,000 Brokerage paid to Asset Management Services Total 22,67,600/- Thus from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Learned Counsel submitted that the point in issue is squarely covered by the decision of Punjab & Haryana High Court in the case of CIT Vs. Ms. Jagriti Aggarwal reported in 339 ITR 610 (P&H) wherein the Hon'ble High Court after analyzing the provision of sections 139(1), 139(4) and 54 and various other similar decisions on this point has decided this issue in the favour of the assessee. 7. On the other hand, ld. DR strongly relied upon the findings of the AO as well as CIT(Appeals). 8. We have heard the rival submissions and perused the relevant findings of the CIT(Appeals) as well as the AO and the material placed on record. It is undisputed fact that the long term capital gain has arisen to the assessee on a sale of flat on 30.01.2008. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of clause (c) of Explanation 2 to sub5 section (1) of section 139 of the Act, whereas sub-section (4) of section 139 provides for extension in period of due date in certain circumstances. It reads as under: "(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under subsection( 1) of section 142, 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: Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 139 of the Act. Consequently, the question of law is answered against the Revenue and in favour of the assessee. Thus, the present appeal is dismissed'. Thus, the decision of Karnataka High Court and Gauhati High Court was also relied upon and was categorically held that sub-section (4) of section 139 has to be read along with sub-section (1) and the due date mentioned in 139(1) has to be treated as extended period of due date as given u/s 139(4). 9. Thus, respectively following the aforesaid decision of the High Court, we also hold that due date for furnishing the return of income as mentioned in section 139(1) is subject to extended period of due date provided u/s 139(4). Accordingly, the balance claim of Rs. 8,90,218/- has to be al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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