TMI Blog2021 (11) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... acquisition of new residential house prior to filing of return of income u/s. 139(4) of the Act which was not disputed by the ld. DR. The ld. AR also placed on record various decisions in the case laws compilation and submitted that the benefit of section 54F of the Act is allowable when the assessee acquired the new asset before filing of return of income u/s. 139(4) of the Act. It is noted as per the case laws as submitted by the ld. AR, which held that the requirement of utilization of capital gain amounts before the date of furnishing of return of income u/s. 139 of the Act, which include all sub-section 139 of the Act including sub-section (4) If, the capital gain amount is utilized before the due date of filing of return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 50,00,000/-). In order to verify the genuineness of the said deduction the AO asked supporting evidences. According to the AO the assessee has not appropriated the amount of long term capital gains for the purpose of purchase of residential house before the due date of filing of return of income u/s. 139(1) of the Act. It was explained that the amount of long term capital gains was invested on 18-04-2013 and its claim is well within the stipulated time prescribed u/s. 139 of the Act. The AO held the explanation of the assessee has no relevance at all as the assessee did not invest the said amount of capital gains before the due date of furnishing of return of income u/s. 139(1) of the Act. The CIT(A) held that after the sale of capital a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d return of income u/s. 139 of the Act which is available up to 31-07-2012 but the assessee filed return of income on 02- 09-2013 which is well within the time available u/s. 139(4) of the Act. The ld. AR submits that the assessee had utilized the entire sale proceeds in acquisition of new residential house prior to filing of return of income u/s. 139(4) of the Act which was not disputed by the ld. DR. The ld. AR also placed on record various decisions in the case laws compilation and submitted that the benefit of section 54F of the Act is allowable when the assessee acquired the new asset before filing of return of income u/s. 139(4) of the Act. It is noted as per the case laws as submitted by the ld. AR, which held that the requirement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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