2015 (10) TMI 1426

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....s appeal by the assessee is preferred against the order of the Ld. CIT(A)-31, Mumbai dt. 29.11.2013 pertaining to assessment year 2009-10. 2. The sum and substance of the grievance of the assessee is that the Ld. CIT(A) erred in confirming the order of the AO rejecting the claim of deduction u/s. 54 of the Act. 3. Briefly stated the facts of the case are that while scrutinizing the return of....

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.... deposits with Punjab & Maharashtra Co. Op. Bank and subsequently the sale proceeds were utilized for the purchase of house property. After considering the submissions of the assessee, the AO referred to Sec. 54F(4) of the Act and concluded that the assessee has not utilized the net consideration received on the sale of plot of land for the purchase of new house as per provisions of the Act and th....

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.... the Ld. DR that compliance to the statutory provision is mandatory and the assessee has failed to comply with the provisions of Sec. 54F of the Act and therefore the Ld. CIT(A) rightly upheld the denial of Sec. 54F of the Act. 7. Having heard the rival submissions, we have given a thoughtful consideration to the orders of the authorities below. The undisputed fact is that the assessee has purc....

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....be said that Sec. 139 cannot mean only Sec. 139(1) but it means all sub-sections of Sec. 139. Under Sub-Sec. 4 of Sec. 139, any person who has not furnished a return within the time allowed to him, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Ther....