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| The Tax Publishers2019 TaxPub(DT) 4802 (Mum-Trib) : (2019) 177 ITD 0308 INCOME TAX ACT, 1961
Section 54F
Only section 139 is mentioned in section 54(2) in the context that unutilised portion of capital gains should be deposited before date of furnishing of return of Income Tax under section 139. Section 139 cannot be meant only section 139(1) but it means all sub-sections of section 139 and since assessee had deposited unutilised portion of capital gain in capital gain account scheme within extended time of filing of return under section 139(4), the assessee was entitled to exemption under section 54F.
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Capital gains - Exemption under section 54F - Deposit of unutilized capital gain in capital gains account scheme beyond due date under section 139(1) but within due date under section 139(4) -
Assessee claimed exemption under section 54F as regards deposit of capital gain from sale of shares in capital gain account scheme. AO denied deduction on the ground of deposit made not within due date under section 139(1) but within due date under section 139(4). Held: Provisions of section 54 are beneficial provisions and are to be construed liberally only section 139 is mentioned in section 54(2) in the context that unutilised portion of capital gain should be deposited before date of furnishing of return of income-tax under section 139. Section 139 cannot be meant only section 139(1) but it means all sub-sections of section 139 and since assessee had deposited unutilised portion of capital gain in capital gains account scheme within extended time of filing of return under section 139(4), the assessee was entitled to exemption under section 54F.
Relied:ACIT v. Smt. Umayal Annamalai, I.T.A. No. 415/Mds/2015 &. C.O. No. 43/Mds/2015 : 2016 TaxPub(DT) 2996 (Chen-Trib), CIT v. Shri Jagtar Singh Chawla (2013) 215 Taxman 154 (Punj. & Har.) : 2013 TaxPub(DT) 1583 (P&H-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
IN THE ITAT, MUMBAI 'B' BENCH
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