Case Law Details
Vijay Mahipal v. ITO (ITAT Kolkata)
If the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed u/s 139(1) of the Act.
FULL TEXT OF THE ITAT JUDGEMENT
1. This appeal by the Asses see arises out of the order of the Learned Principal Commissioner of Income Tax-2, Kolkata [in short the ld CIT] in Appeal No. 2503/CIT(A)-2/15-16 dated 23.12.2016 against the order passed by ITO, Ward-4(4), Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 18.01.2016 for the Assessment Year 2013-14.
2. At the outset, we find that there is a delay of one day in filing of appeal by the assessee. The reasons adduced by the assessee for the same are convincing and accordingly we hereby condone the delay and admit the appeal of the assessee for adjudication.
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