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of LTCG deductions claimed u/s 54B are allowed if the capital gain is utilized for purchasing a new asset before the date of furnishing the return of income u/s 139, including the extended time limit u/s 139(4). When an assessee files a return subsequent to the due date u/s 139(1) but within the extended time limit u/s 139(4), the benefit of investment made up to the date of furnishing the return cannot be denied. In the instant case, the assessee paid the seller on 29.03.2017 and filed the return on the same date, satisfying the requirement of Section 54B(2) for utilizing capital gains before furnishing the return u/s 139(4).
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