Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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).
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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