https://www.taxtmi.com/caselaws?id=126798 HC allowed the taxpayer's appeal, holding that although the return under s.139(4) was filed late, the capital gains exemption under s.54(2) applied because the entire capital gains were invested in a house before the extended due date for filing (31 Mar 1990). The court rejected Revenue's argument that deposit must be made before the initial due date, treating the taxpayer's failure to file on time as a technical default but not fatal to exemption where utilisation occurred within the extended filing period. en-us Fri, 17 Oct 2008 00:00:00 +0530 Sat, 06 Sep 2025 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126798 HC allowed the taxpayer's appeal, holding that although the return under s.139(4) was filed late, the capital gains exemption under s.54(2) applied because the entire capital gains were invested in a house before the extended due date for filing (31 Mar 1990). The court rejected Revenue's argument that deposit must be made before the initial due date, treating the taxpayer's failure to file on time as a technical default but not fatal to exemption where utilisation occurred within the extended filing period. Case-Laws Income Tax Fri, 17 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126798