https://www.taxtmi.com/caselaws?id=354264 HC held that for claiming exemption under s.54B and s.54F, investment of the capital gains made before the extended due date for filing return under s.139(4), though beyond the due date under s.139(1), satisfies the statutory condition. The Court adopted a liberal construction in favour of the assessee, distinguishing the stricter approach applicable in penal provisions. Relying on consistent views of other HCs, it rejected the contention that reference in s.54B(2) and s.54F(4) to s.139 must be confined to s.139(1). Consequently, the assessee's belated investment and non-deposit in the capital gain account did not disentitle the exemption, and the matter was decided in favour of the assessee. en-us Tue, 19 Dec 2017 00:00:00 +0530 Fri, 12 Dec 2025 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354264 HC held that for claiming exemption under s.54B and s.54F, investment of the capital gains made before the extended due date for filing return under s.139(4), though beyond the due date under s.139(1), satisfies the statutory condition. The Court adopted a liberal construction in favour of the assessee, distinguishing the stricter approach applicable in penal provisions. Relying on consistent views of other HCs, it rejected the contention that reference in s.54B(2) and s.54F(4) to s.139 must be confined to s.139(1). Consequently, the assessee's belated investment and non-deposit in the capital gain account did not disentitle the exemption, and the matter was decided in favour of the assessee. Case-Laws Income Tax Tue, 19 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354264