Capital gain exemption u/s 54 not deniable as investment made within time limit specified u/s 139(4)

Munish Babaji Sawant Vs ITO (ITAT Mumbai)

ITAT Mumbai held that capital gain exemption under section 54 of the Income Tax Act cannot be denied as investment was made within the time limit specified under section 139(4) of the Income Tax Act.

Facts- The only issue raised by the Assessee in various grounds of Appeal relates to addition of Rs. 29,40,881/- on account of denial of exemption u/s. 54. The facts and briefs are that as per AIR information, it was noticed that Assessee has sold a residential fl

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