https://www.taxtmi.com/caselaws?id=768558 ITAT Jaipur allowed the assessee's appeal regarding denial of deduction under sections 54F and 54B despite filing belated return under section 139(4). Following the coordinate bench decision in Dr. Dharmista Mehta case, the tribunal held that the assessee was entitled to claim exemption under section 54 as the new residential property was purchased well before the belated return filing deadline and the investment exceeded the long-term capital gains. The CIT(A)'s order was set aside and disallowance was vacated in favor of the assessee. en-us Thu, 06 Mar 2025 00:00:00 +0530 Wed, 09 Apr 2025 07:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768558 ITAT Jaipur allowed the assessee's appeal regarding denial of deduction under sections 54F and 54B despite filing belated return under section 139(4). Following the coordinate bench decision in Dr. Dharmista Mehta case, the tribunal held that the assessee was entitled to claim exemption under section 54 as the new residential property was purchased well before the belated return filing deadline and the investment exceeded the long-term capital gains. The CIT(A)'s order was set aside and disallowance was vacated in favor of the assessee. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768558