Section 54 deduction allowable for investment within time limit prescribed u/s 139(4)

Mathew Pradeep Francis Vs ACIT  (ITAT Bangalore)

In the instant case, we noticed that the assessee has made investment in acquiring new residential house property within the time given in section 54 of the Act and also within the time limit prescribed u/s 139(4) for filing revised return of income. Accordingly, following the binding decision of the Hon’ble jurisdictional High Court in the case of Fatima Bai Vs. ITO (2009) 32 DTR (Kar), we direct the AO to allow the deduction u/s 54 to the extent of Rs.1,48,26,257/-.

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