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The ITO, Ward-3, Yamunanagar Versus Smt. Rajwinder Kaur Mahal, W/o Late Sh. Udar Singh Mahal

2016 (7) TMI 181 - ITAT CHANDIGARH

Eligibility of exemption u/s 54 - assessee has filed a belated return - due date of filing the return - Held that:- As decided in CIT-II, Chandigarh Versus Ms. Jagriti Aggarwal [2011 (10) TMI 279 - PUNJAB AND HARYANA HIGH COURT] due date of filing the return of income as per section 139 of the Act with reference to exemption u/s 54, is subject to the extended period provided under sub section (4) of section 139. It is undisputed that investment in the present appeal were done before this date. F .....

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the Appellant : Sh. Manjit Singh For the Respondent : Sh. Tej Mohan Singh ORDER Per Shamim Yahya, AM This appeal by the Revenue is directed against the order of Ld. CIT(A), Panchkula dated 31.07.2015 and pertains to assessment year 2012-13. 2. The grounds of appeal read as under:- 1. On the facts and circumstances of the case, the Ld. CIT(A) has erred in law in allowing deduction u/s 54 of the I.T. Act on purchase of a new house for Rs,4,28,30,000/- on 15.11.2012 by holding chat the date of furn .....

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case of Parkash Math Khanna & Ors vs. CIT & another (2004) 266 ITR l (SC). 3. It is prayed that the order of the Ld. CIT (Appeal) be set-aside and that of the A.O, be restored. 3. The assessee in this case filed her return of income by way of e-filing on 28.3.2013 declaring total income of ₹ 25,12,080/- and agriculture income of ₹ 39,430/-. This return wAs processed u/s 143(1) on 11.5.2013. the assessee filed a revised return of income on 19.3.2014 declaring Total income at & .....

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suring 500 sq. yds)} for ₹ 4,28,30,000/- on 15.11.2012. The assessee has claimed exemption u/s 54 in respect of the amount invested in the purchase of said Kothi The amount of capital gain, which was not utilized by the assessee for the purchase or construction of the new house before the date of furnishing of the return of income must have been deposited by her under the Capital Gains Accounts Scheme, before the due date of furnishing the return, specified under section 139(1). The due da .....

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,000/- vide following four cheques; - Cheque No. Dated Amount Drawn on 001572 16.08.2012 ₹ 1,00,00,000/- ICICI Bank Ltd. 032159 17.09.2012 ₹ 50,00,000/-do- 032160 18.09.2012 ₹ 50,00,000/-do- 001574 18.09.2012 ₹ 1,00,00,000/-do- The assessee gave cheque No. 001572 dated 16.08.2012 for ₹ 1,00,00,000/- to Smt. Varinder Kaur Walia, seller of Kothi No. 1 131, Sector 70, Mohali. The date of this cheque was before the due date of filing of ITR u/s 139(1), therefore, f urth .....

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lf share of property on.19.05.2011 and as per provisions of section 54 the amount of capital gain could have been used by purchase or construction of new house upto 18.05.2013. The appellant has purchased new house on 15.11.2012 for a consideration of ₹ 4,28,30,000/- and further purchased REC Bonds for ₹ 50,00,000- on the same- date. On reference to section 54(2), it is noted that for claim of exemption u/s 54, the appellant is required to utilize capital gains towards purchase of ne .....

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ital gain towards purchase of new house through registered sale deed dated 15.11.2012. The due date for filing return of income u/s 139(1) was 31.08.2012 (31.07.2012 extended) and time available to furnish belated return u/s 139(4) was upto 31.03.2014. The appellant has filed return of income on 28.03.2013 and house was purchased on 15.11.2012 which was before the furnishing of return u/s 139 of the Act. The AO has wrongly construed that the amount of capital gain has to be utilized before the d .....

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77; 4,28,30,000/- in purchase of new house before the furnishing of return u/s 139 of the Act. The facts in the instant case is also similar to the case of Ms. Jagriti Aggarwal (supra) where the Hon'ble P&H High Court has allowed the exemption u/s 54 by holding that due date of furnishing return of income as per section 139(1) of the Act is subject to the extended period provided under sub section (4) of section 139 of the Act. Therefore, the exemption u/s 54 is allowable for utilization .....

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T & Another (2004) 266 ITR 1 (SC). The Hon'ble Apex court has expounded that the due date means due date as prescribed in sub section (1) of section 139. Ld. DR submitted that in view of this Hon'ble Apex Court decision, the issue needs to be decided in favour of the Revenue. Furthermore. the Ld. DR submitted that identical issue was decided by ITAT Cochin Bench in the case of ITO vs Dr. K.T.Biju in ITA No. 768/Coch/2013 vide order dated 21.11.2014. The Ld. DR further submitted that .....

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identical facts and is a later decision hence the same should be followed. Ld. counsel further submitted that the Hon'ble Apex Court in the case of Parkash Nath Khanna and Another Vs. C IT (supra) was with reference to section 276CC and hence the same is not applicable on the facts of the present case. The Ld. counsel further placed reliance upon ITAT, Chandigarh Bench decision in the case of Sh. Mohan Singh Vs. ACIT in ITA No.330/Chd/2014 order dated 7.7.2015. Ld. counsel submitted that in .....

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