TaxTMI 
TaxTMI 
2020 (1) TMI 54
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....-section (3) of Section 142 of the Income Tax Act, 1961 (for short, 'the said Act') was issued to the appellant. The said show-cause notice was based on admitted facts. The appellant sold an immovable property held by him and out of the sale consideration received by him, he deposited a sum of Rs. 1,15,00,000/- in the Capital Gain Account Scheme, 1988. A return of income for the assessment year 2013-14 was filed on 14th July, 2013 by claiming exemption under Section 54F of the said Act. 3. The appellant purchased a premises for the price of Rs. 21,32,470/- on 20th August, 2013 which was before the expiry of three years from the date of transfer of the capital assets. The notice which was the subject matter of challenge in the writ ....
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....nnot be subjected to a tax under Section 45 of the said Act. 6. We have heard the learned counsel appearing for the respondent. We have considered the submissions. 7. Sub-section (4) of Section 54F of the said Act reads thus: "54F. - Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house. (1) To (3) ** ** ** (4) The amount of the net consideration which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilized by him for the purchase or construction o....
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....st of the new asset, shall be charged under Section 45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw the unutilized amount in accordance with the scheme aforesaid." Under the said provision, the amount of net consideration which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilized by him for the purchase or construction of the new asset before the date of furnishing the return of income under Section 139, shall be deposited by him before furnishing such return in an acc....