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2016 (7) TMI 1000 - ITAT CHENNAI

2016 (7) TMI 1000 - ITAT CHENNAI - TMI - Benefit u/s.54F denied - AO denied the exemption u/s.54F on the reason that the return filed within the extended time limit available of filing of return of income u/s.139(4) cannot be considered - Held that:- we are inclined to remit the issue to the file of AO to examine the fulfillment of the conditions u/s.54F of the Act through intermediary period that is from the date of sale of capital asset to the date of actual investment in residential house. Ac .....

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irected against the order of the Commissioner of Income-tax (Appeals)-5, Chennai dated 17.12.2015 pertaining to assessment year 2011-12. 2. The grievance of the assessee in this appeal is with regard to non-granting of exemption u/s.54F of the Act on thereason that the return filed by the assessee u/s.139(4), as such the benefit u/s.54F is denied. 3. The facts of the case are that the assessee sold the properties situated at Nelankarai and Chenglepet and declared capital gains from these two pro .....

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(A) confirmed the same. Against the order of the Ld.CIT(A), the assessee is in appeal before us. 4. Before us, ld.A.R relied on the following judgments. 1. K. Ramachandra Rao (2014) TS 876- Kar 2. Rajesh Kumar Jalan (20016) 286 ITS 274, Gauhati 3. Sam Global Securities Ltd (2013) TIOL 707 Delhi 4. Metalman Auto Pvt Ltd. (2011) 336 ITR 434 (P& H) 5. Shri Sambandam Udaykumar (2012) TIOL 217 Kar 6. Fathima Bai ITA No. 435 of 2004- Kar 7. Shri Jagtar Singh Chawla (2013) TS 112 (Punjab & Hary .....

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2) 196 ITR 803 Further, ld.A.R submitted that the filing return u/s.139(4) does not disentitle the assessee to claim exemption u/s.54F of the Act. According to ld.A.R the due date for falling the return of income u/s.139(4) to be considered for granting exemption u/s.54F of the Act. According to him, the due date of filing the return of income extended to due date u/s.139(4) of the Act. 5. The ld.D.R relied on the order of Ld.CIT(A). 6. We have heard both the parties and perused the material on .....

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d. In our opinion the Karnataka High Court in the case of Fathlima Bai Vs. ITO reported in 32 DTR 243, Gauhati High Court in the case of CIT Vs. Rajesh Kumar Jalan reported in [2006] 286 ITR 274 (Gauhati) held that due date for the assessee to invest the amount of capital gains in purchase/construct of new residential asset or investment in capital gains scheme u/s.54F of the Act refers to the extended due date u/s.139(4) of the Act. So far as the time limit for assessee to invest in purchase of .....

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ile proof for such deposit. The AO in this case out rightly rejected the claim of assessee that the assessee is not utilized the capital gains on transfer of capital asset in investment in residential house as specified in section 54F(1) of the Act on the reason that the assessee has not filed the return of income within due date in term of sec.139(1) of the Act. He has not examined the other conditions in Sec.54F. Further, ld.A.R pleaded before us even if the assessee has not deemed deposited i .....

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