TaxTMI 
TaxTMI 
2025 (8) TMI 365
X X X X Extracts X X X X
X X X X Extracts X X X X
.... for short]. The grounds of appeal are as under: "1. BECAUSE, on the facts and in the circumstances of the case the impugned order passed by the Ld. Commissioner of Income Tax (Appeals) suffers from manifest errors of law since the same do not lawfully interpret and apply the provisions of Section 54 of the Income Tax Act and erroneously ignores to follow the judgment of this Hon'ble Tribunal and other Courts holding that the due date for filling of the Return of Income as postulated u/s 139 also includes the time available for filling a belated Return of Income as contemplated under Section 139(4) of the Act. 2. BECAUSE, on the facts and in the circumstances of the case the impugned order passed by the Ld. Commissione....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ioner of Income Tax (Appeals) is further unsustainable in law as the first tranche of purchase consideration of the new capital asset was made on 27.09.2015 which is admittedly prior to the date of furnishing the original return of income which is mentioned in the body of the Assessment Order as 30.09.2015 and therefore even on this count the capital gains ought to have been treated as exempt." 2. The facts of the case, in brief, are that the assessee had filed her return of income for the year under consideration on 30/01/2016, declaring total income at Rs. 14,92,910/-. Assessment was completed u/s 143(3) of the Act vide order dated 30/06/2017 at a total income of Rs. 1,02,51,530/-. The assessee had sold out a residential house owned jo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessee by observing as under: "In the present case, the appellant did not deposit the entire net consideration received on transfer of original asset on which LTCG arose neither in new residential property nor deposited the unutilized portion of net consideration on transfer of original asset with Capital Gain account with Bank or as stipulated by Central Government before the due date of filing of return u/s 139(1) of the Act. The appellant cannot get benefit of section 54F on the unutilized amount as the said amount has not been invested by the appellant in purchase/construction of new residential house till the due date of filing of return u/s 139(1) of the Act nor the same has been deposited by the appellant in Capital....
X X X X Extracts X X X X
X X X X Extracts X X X X
..../s 139(1) of the Act. In view of the above facts and judgements the addition of Rs. 87,58,620/- made by the AO is upheld. Grounds of appeal no. 1 and 2 are dismissed." 3. The assessee is aggrieved with the order dated 31/10/2019 passed by learned CIT(A) and has filed appeal before the Income Tax Appellate Tribunal. During the course of hearing learned Counsel for the assessee submitted that the investment in the purchase of new capital asset stood concluded before the filing of the return of income for the relevant assessment year and the denial of exemption u/s 54 of the Act by the Assessing Officer and confirmed by the learned CIT(A) is misplaced. Though the assessee has raised as many as four grounds of appeals but all the gr....