2014 (1) TMI 1922

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....ttal, JM: The Department has field this appeal for assessment year 2009-10 against order of ld. CIT(A) dated 23.5.2012 on following grounds : "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in deleting the disallowance of Rs.55,57,600/- made by the AO by denying exemption u/s 54 since the assessee failed to invest Long Term Capital Gain for pu....

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....ount in the capital gain account before the date of furnishing of return u/s 139(1) of the Act and hence denied exemption u/s 54 of the Act. Being aggrieved, the assessee filed appeal before the First Appellate Authority. 3. The ld. CIT(A) after considering the submissions of the assessee vide para 5.3 of the impugned order has stated that the time limit as prescribed u/s 139(1) has to be read ....

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....extended time limit specified under sub-section (4) of section 139 of the Act, the ld. CIT(A) held that the assessee is eligible for exemption u/s 54 of the Act amounting to Rs.55,57,600/- up to the amount of investment. Hence, the department is in appeal before the Tribunal. 4. The ld. DR relied on the order of AO and whereas the ld. AR submitted that the above issue is covered in favour of th....