Section 54F deduction claimable to the extent of capital gain amount utilized till return filing under Section 139(4)

Smt. Chander Kanta Maheshwari Vs ITO (ITAT Delhi)

Deduction under section 54F of the Act can be claimed to the extent of amount of capital gain utilized till the filing of the return under Section 139(4) of the Act. As in the instant case, the ld. Commissioner allowed the deduction under Section 54 of the Act to the extent of Rs.57,33,088/- only which was invested/utilized by the Assessee till the due date of filing the return under Section 139(1) of the Act and therefore, respectfully following the mandates of the Hon’ble High Courts, we are inclined to allow the deduction under Section 54F of the Act to the extent of amount of capital gain invested/utilized till the filing of the return by the Assessee on 29^th March, 2014 under Section 139(4) of the Act, hence ordered accordingly.

FULL TEXT OF THE ORDER OF ITAT DELHI

1. Thisappealhas been preferred by the Assessee against the order dated 25.10.2017impugned herein passed by the ld. Commissioner of Income Tax (Appeals)–12, New Delhi (in short ‘Ld. Commissioner’ ), for assessment year 2013-14.

2. At the time of hearing, nobody appeared on behalf of the Assessee. Even in spite of sending many notices of hearing i.e. 17.03.2021, 11.10.2021 and 20-12-2021, to the Assessee at the address mentioned in Form no. 36, none served and returned by the Postal department to the tribunal with remarks “Left without address”,therefore we are constrained to decide this appeal as ex-parte.

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