9911796707
TMI Blog2014 (1) TMI 1922X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal for assessment year 2009-10 against order of ld. CIT(A) dated 23.5.2012 on following grounds : "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in deleting the disallowance of Rs.55,57,600/- made by the AO by denying exemption u/s 54 since the assessee failed to invest Long Term Capital Gain for purchase of residential flat within a period of one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing of return u/s 139(1) of the Act and hence denied exemption u/s 54 of the Act. Being aggrieved, the assessee filed appeal before the First Appellate Authority. 3. The ld. CIT(A) after considering the submissions of the assessee vide para 5.3 of the impugned order has stated that the time limit as prescribed u/s 139(1) has to be read along with the time limit allowed u/s 139(4) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f section 139 of the Act, the ld. CIT(A) held that the assessee is eligible for exemption u/s 54 of the Act amounting to Rs.55,57,600/- up to the amount of investment. Hence, the department is in appeal before the Tribunal. 4. The ld. DR relied on the order of AO and whereas the ld. AR submitted that the above issue is covered in favour of the assessee not only by the decisions of Hon'ble Punjab ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
