2016 (1) TMI 1254

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....R ORDER Mahavir Singh (Judicial Member) This appeal by assessee is arising out of order of CIT(A)-XVI, Kolkata vide Appeal No. 36/CIT(A)-XVI/29(4)/Kol/09-10 dated 04.02.2013. Assessment was framed by ITO, Ward-29(4), Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2007-08 vide his order dated 02.12.2009. 2. The only issue in th....

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....urn u/s. 139(1) of the Act i.e. on or before 31.07.2007. This means the assessee invested a sum of Rs. 19,35,824/- up to 31.07.2007. The Long term capital gain in the sale of house property was to the extent of Rs. 34,94,896/- but he claimed deduction u/s. 54F of the Act for the investment as he has invested in this residential flat the amount of Rs. 38,70,276/- up to 31.03.2009 i.e. the date of f....

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....f the case. The admitted facts are that the assessee sold a residential house property during the FY 2006-07 for a sum of Rs. 50 lacs and purchased an under-construction residential flat in Unitech, Rajarhart, Kolkata by paying booking amount of Rs. 4,19,072/- as application money on 19.08.2006. The assessee earned Long Term Capital Gains on this transaction at Rs. 34,94,896/-. The assessee invest....

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....xtended due date under section 139(4) would be 31.3.1990. The assessee did not file the return within the extended due date, but filed the return on 27.2.2000. However, the assessee had utilized the entire capital gains by purchase of a house property within the stipulated period of section 54(2) i.e., before the extended due date for return under section 139. the assessee technically may have def....