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2016 (9) TMI 700 - PUNJAB & HARYANA HIGH COURT

2016 (9) TMI 700 - PUNJAB & HARYANA HIGH COURT - TMI - Deduction u/s 54F - assessee having not complied with the requirement of depositing the amount by the due date, namely before filing of the return under Section 139(1) - ITAT allowed the claim - Held that:- The alleged non-compliance of the provisions of Section 54F of the Income Tax Act, 1961 is that the amount was paid into the Special Capital Gain Account maintained by the respondent-assessee with the same branch of the Bank after a delay .....

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the next day either in writing or orally to the Bank to transfer the amount to the Special Capital Gain Account. Therefore, the same does not raise a substantial question of law. The appeal in this regard is dismissed. - Addition on account of investment made in residential house by the company in which the assessee is one of the directors - ITAT allowed the claim - Held that:- The second question proceeds on the erroneous basis that the investment in the residential houses was made by the a .....

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of 2016 This is an appeal against the order of Tribunal in respect of the Assessment Year 2008-09. 2. According to the appellant the following substantial questions of law arise:- (i) Whether on the facts and circumstances of the case learned ITAT was right in law in allowing deduction u/s 54F of the Income Tax Act, 1961 despite the assessee having not complied with the requirement of depositing the amount under Section 54F of the Income Tax Act, 1961 by the due date, namely before filing of th .....

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