Section 54F deduction allowable on amount deposited within extended time limit of filing of return U/s. 139(4)

Dipal Suresh bhai Patel Vs ITO (ITAT Ahmedabad)

The case of the Revenue is this that the unutilized amount of sale consideration since not deposited in the capital gain account within the time limit prescribed under Section 139 of the Act, benefit of claim of capital gain under Section 54F cannot be extended to the assessee.

From a plain reading of Section 54(2) of the Act it is clear that only Section 139 is mentioned in the context that the unutilized portion of the capital gain on the s

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