TMI Blog2020 (8) TMI 409X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of the decision in the case of K.Ramachandra Rao [ 2015 (4) TMI 620 - KARNATAKA HIGH COURT ] we are of the considered opinion that in case the assessee paid the amount equivalent to or more than the capital gains derived in the sale transaction of the house, the assessee is entitled to claim the relief under section 54F of the Act. We set aside the impugned order and direct the assessing officer to consider the amount utilised by the assessee for purchase of the house till the time allowable under section 139 (4) of the Act for filing the revised return, for deduction under section 54F of the Act. Appeal of the assessee is allowed in part. - I.T.A. No.982/Del/2017 - - - Dated:- 14-8-2020 - Shri Prashant Maharishi, Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal before the Ld. CIT(A). Ld. CIT(A) followed the decision of the Hon ble jurisdictional High Court in the case of CIT vs. Kuldeep Singh (2014) 270 CTR 0561 and held that the stipulation in the agreement in respect of proposed date of completion not be construed to reject the claim of deduction under section 54 of the Act. Ld. CIT(A), however, noted that section 54 (2) of the Act stipulates that any amount of capital gain which is not appropriated by the assessee towards purchase of new asset, shall be deposited before furnishing the return of income in an account in a bank and utilised in accordance with a scheme of the government, that is, capital gains account scheme. It was pleaded on behalf of the assessee that due to lack of knowled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ra) of Karnataka High Court and the other review expressed by the Bombay High Court in the case of Humayun Sulaiman (supra), without assigning any reasons Ld. CIT(A) rejected the view taken in the case of Ramachandra row (supra), instead of considering the view favourable to the assessee. 6. Nextly, it is contended by the Ld. AR that by 30/08/2014 i.e., before the expiry of 3 years from the date of the sale of old asset, the assessee paid an amount of ₹ 46,65,220/-. He further submitted that the date of filing written off income under section 139(1) of the Act for the purpose of utilisation of the amount for purchases/construction of residential house has to be construed with reference to the due date prescribed for filing the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,28,307/- by the time allowable for filing the revised return of income under section 139 (4) of the Act. 9. Assessee is placing reliance on the decision of a coordinate Bench of this Tribunal in the case of Smt. Vatsala Asthana (supra) in support of the contention that for the purpose of utilisation of the amount for purchases/construction of residential house, the date of filing of return of income under section 139 (1) of the Act has to be construed with reference to the due date prescribed for filing return of income under section 139 (4) of the Act. Relevant portion of the said decision needs to be extracted for the sake of ready reference and it reads thus,- 15. Regarding the payment made by the assessee before 31/03/2014, Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scheme before due date of filling return of income under s. 139(1) for relevant year. 16. In view of the above decisions, the payment made by the assessee towards purchase of residential house up to the due date of filing of the return of income prescribed under section 139(4) of the Act i.e. 31/03/2014 is allowable for considering deduction under section 54F of the Act. Respectfully, following the above decisions, we accordingly direct the Assessing Officer to consider amount utilized by the assessee for purchase of the house till 31/03/2014(which includes the payment of ₹ 50,36,422/- made up to 31/07/2012) for deduction under section 54F of the Act. 10. Respectfully following the above decision rendered by a coordinate Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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