https://www.taxtmi.com/caselaws?id=400223 ITAT Pune allowed the assessee's claim for exemption u/s 54B, overturning the AO's denial. The Tribunal held that for compliance with s.54B(2), the reference to s.139 includes s.139(4), so the assessee could validly utilize the extended time limit up to 31-03-2014. The assessee opened the designated capital gains account on 03-08-2013 and purchased new agricultural land on 26-08-2013, both within the permissible period. Relying on the view that deposit in the capital gain account scheme is directory where the substantive condition of reinvestment is met within two years, the Tribunal directed grant of full exemption u/s 54B. en-us Tue, 27 Oct 2020 00:00:00 +0530 Fri, 12 Dec 2025 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400223 ITAT Pune allowed the assessee's claim for exemption u/s 54B, overturning the AO's denial. The Tribunal held that for compliance with s.54B(2), the reference to s.139 includes s.139(4), so the assessee could validly utilize the extended time limit up to 31-03-2014. The assessee opened the designated capital gains account on 03-08-2013 and purchased new agricultural land on 26-08-2013, both within the permissible period. Relying on the view that deposit in the capital gain account scheme is directory where the substantive condition of reinvestment is met within two years, the Tribunal directed grant of full exemption u/s 54B. Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400223