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| The Tax Publishers2020 TaxPub(DT) 2043 (Jp-Trib) : (2021) 186 ITD 0175 : (2020) 079 ITR (Trib) 0621 INCOME TAX ACT, 1961
Section 54F
Even amount deposited in CGAS before filing of return under section 139(4) would also be allowed for deduction as per provisions of subsection (4) of section 54F and, thus AO wrongly denied deduction on the ground that assessee deposited amount under Capital gains Scheme after due date of filing return of income under section 139(1).
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Capital gains - Deduction under section 54F - Allowability - Deposit into capital gains scheme after due date under section 139(1) but within due date under section 139(4)
Assessee sold certain plot of land and in order to avail benefit of deduction under section 54F assessee set aside entire funds for purchase of residential property by opening an FDR with Bank of Rajasthan. However, AO denied deduction on the ground that assessee deposited amount under Capital gains Scheme after due date of filing return of income under section 139(1). Assessee's case was that deposit was made within due date under section 139(4).Held: Sub-section (4) of section 139 is in fact a provisio to section 139(1) and due date for furnishing return of income as per section 139(1) is subject to extended period provided under sub-section (4) of section 139 and since assessee had deposited amount under capital gains scheme within extended period of limitation, she was duly entitled to benefit under section 54F.
Followed:Pr. CIT v. Shri Shankar Lal Saini (2018) 89 taxmann.com 235 (Raj.) : 2018 TaxPub(DT) 0314 (Raj-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
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