Allowability of Investment in new asset after furnishing of return U/s. 54

Anita Ajay Shad Vs ITO (ITAT Ahemdabad) When an assessee furnishes return subsequent to due date of filing return under section 139(1) but within the extended time limit under section 139(4), the benefit of investment made upto the date of furnishing return of income under 139(4) cannot be denied on such beneficial construction of section 54(2), however, any investment made after furnishing of return of income but before extended date available under section 139(4) would not receive beneficial construction in view of unambiguous and express provision of section 54(2) unless the same was first ...