TMI Blog2016 (1) TMI 1254X X X X Extracts X X X X X X X X Extracts X X X X ..... l Gains on this transaction at ₹ 34,94,896/-. The assessee invested a sum of ₹ 19,35,824/- in purchase of an under-construction residential flat up to 31.07.2007 i.e. the due date of filing of return of income by this assessee. The assessee also invested total sum of ₹ 38,70,276/- in purchase of an under-construction residential flat up to 31.03.2009 i.e. the date of filing of return of income by this assessee u/s 139(4) of the Act. That means the assessee has invested the entire long term capital gain of ₹ 34,94,896/- only up to 31.03.2009 i.e. the due date of filing of return of income by the assessee u/s. 139(4) of the Act and not u/s. 139(1) of the Act. See Fatima Bai Vs. ITO [2008 (10) TMI 563 - KARNATAKA HIGH C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has invested a sum of ₹ 14,66,751/- in total amount up to 31.03.2007. A further sum of ₹ 4,69,072/- was invested before the due date of filing of return u/s. 139(1) of the Act i.e. on or before 31.07.2007. This means the assessee invested a sum of ₹ 19,35,824/- up to 31.07.2007. The Long term capital gain in the sale of house property was to the extent of ₹ 34,94,896/- but he claimed deduction u/s. 54F of the Act for the investment as he has invested in this residential flat the amount of ₹ 38,70,276/- up to 31.03.2009 i.e. the date of filing of return u/s. 139(4) of the Act. The AO disallowed the claim of deduction u/s 54F of the Act on ₹ 15,59,072/- being not invested within the due date o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm capital gain of ₹ 34,94,896/- only up to 31.03.2009 i.e. the due date of filing of return of income by the assessee u/s. 139(4) of the Act and not u/s. 139(1) of the Act. On this, Ld. Counsel for the assessee relied on the decision of Hon ble Karnataka High Court in the case of Fatima Bai Vs. ITO (2009) 32 DTR 243 wherein it is held as under: 11. The extended due date under section 139(4) would be 31.3.1990. The assessee did not file the return within the extended due date, but filed the return on 27.2.2000. However, the assessee had utilized the entire capital gains by purchase of a house property within the stipulated period of section 54(2) i.e., before the extended due date for return under section 139. the assessee techni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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