2016 (7) TMI 181

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....wing deduction u/s 54 of the I.T. Act on purchase of a new house for Rs,4,28,30,000/- on 15.11.2012 by holding chat the date of furnishing return of income as per section 139(1) is subject to the extended period provided under sub-section (4} of section 139 of the Income Tax Act, 1961. 2. On the facts and circumstances of the case, the Ld.CIT(A) is not right in placing reliance on the case of CIT Vs Ms Jagriti Aggarwal {2011} 339 ITR 610 (P&H), when the relevant issue regarding "due date" was held to be "due date as prescribed in sub section (l) of section 139" by the Hon'ble Supreme Court in the case of Parkash Math Khanna & Ors vs. CIT & another (2004) 266 ITR l (SC). 3. It is prayed that the order of the Ld. CIT (Ap....

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....and 29.01.2015 the assessee was asked to furnish documentary evidence regarding the deposit of capital gain amount i n the Capital Gains Accounts Scheme before the due date of filing of ITR. No such, evidence has been furnished. On perusal of sale deed of kothi No. 1131, Sector-70, SAS Nagar, Mohali it is revealed that the assessee advanced Rs. 3,00,00,000/- vide following four cheques; -  Cheque No. Dated    Amount  Drawn on  001572 16.08.2012 Rs. 1,00,00,000/- ICICI Bank Ltd.  032159 17.09.2012 Rs. 50,00,000/- -do-  032160 18.09.2012 Rs. 50,00,000/-    -do-  001574 18.09.2012 Rs. 1,00,00,000/- -do- The assessee gave chequ....

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....nd such deposit is made before the due date applicable in the case of appellant u/s 139(1) of the Act. In the instant case, the appellant has claimed the exemption u/s 54 on account of utilization of capital gain towards purchase of new house through registered sale deed dated 15.11.2012. The due date for filing return of income u/s 139(1) was 31.08.2012 (31.07.2012 extended) and time available to furnish belated return u/s 139(4) was upto 31.03.2014. The appellant has filed return of income on 28.03.2013 and house was purchased on 15.11.2012 which was before the furnishing of return u/s 139 of the Act. The AO has wrongly construed that the amount of capital gain has to be utilized before the due date as per section 139(1) of the Act. The d....

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....has expounded that the due date means due date as prescribed in sub section (1) of section 139. Ld. DR submitted that in view of this Hon'ble Apex Court decision, the issue needs to be decided in favour of the Revenue. Furthermore. the Ld. DR submitted that identical issue was decided by ITAT Cochin Bench in the case of ITO vs Dr. K.T.Biju in ITA No. 768/Coch/2013 vide order dated 21.11.2014. The Ld. DR further submitted that in this present case before us, the assessee has filed a belated return. He pleaded that it is settled law that belated return cannot be revised, hence, Ld. DR submitted that on this plank also, the assessee's revised return should not be taken as a base to grant exemption u/s 54 of the Income-tax Act, 1961. ....