https://www.taxtmi.com/caselaws?id=301661 The Tribunal upheld the assessee's claim for exemption under section 54 of the Income Tax Act. It ruled in favor of the assessee, emphasizing that the investment in the new property was made within the extended due date under section 139(4), even though the capital gains were not deposited in the Capital Gains Accounts Scheme on time. The Tribunal relied on judicial precedents and interpretations to support its decision, affirming that the due date for filing the return of income under section 139(1) could be extended under section 139(4), ultimately dismissing the Revenue's appeal. en-us Wed, 30 May 2018 00:00:00 +0530 Thu, 14 Apr 2022 08:07:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301661 The Tribunal upheld the assessee's claim for exemption under section 54 of the Income Tax Act. It ruled in favor of the assessee, emphasizing that the investment in the new property was made within the extended due date under section 139(4), even though the capital gains were not deposited in the Capital Gains Accounts Scheme on time. The Tribunal relied on judicial precedents and interpretations to support its decision, affirming that the due date for filing the return of income under section 139(1) could be extended under section 139(4), ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301661