Section 54F Exemption Eligibility on New House Purchase Investment within belated return due date

Kusumben Amritlal Sanghavi Vs DCIT (ITAT Rajkot) The appellant, Kusumben Amritlal Sanghavi, filed a revised return of income to claim a deduction of Rs.10,53,975/- under section 54F on account of the purchase of a residential building. However, the assessee’s claim was rejected by the Revenue as she failed to deposit the unutilized amount into the capital gain scheme before the due date of filing return of income under section 139(1) of the Act. To defend her case, the appellant relied on several judgements, primarily the decision of the Hon’ble Karnataka High Court in the case of CIT ...