139

• To take the benefit of section 54F, unutilized portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of tax under Section 139 as mentioned in section 54(2). Therefore, Section 139 cannot be confined only to the provisions of the Section 139(1), but it includes all the sub section of Section 139. In the case of DIPAL SURESHBHAI PATEL vs. INCOME TAX OFFICER. ITAT AHMEDABAD on Apr 15, 2021. Section 54F, 139, 143(3), 54(2). In favour of the assessee. Ca BPMUNDRA

• Section 54F, 139(4) ITAT, Jaipur on 6th march, 2020 Respectfully following the judgement of Jurisdictional High Court in the case of Shankar Lal Saini [2018] 89 taxmann.com 235(Raj) held that even amount deposited in Capital Gain Account Scheme before filing of return u/s 139(4) shall also be allowed for deduction as per provisions of sub- section 4 of section 54F of the Act. Smt. Renu Jain, New Delhi vs Ito. AY 2011-12

• No incriminating material was ‎found during search that would have resulted in any addition in income returned by ‎assessee. It was also an uncontroverted fact that assessment consequent to return of ‎income filed u/s 139 for AY 2006-07 was completed. Thus, on date of search, no ‎assessment was pending which could have abated. It was a case of non-abated ‎assessment. No addition could be made in respect of assessments which became final if ‎no incriminating material was found during search.‎ CIT Vs. Murli Agro Products Ltd

• When search operations are conducted under section 132 of the Act, the ‎obligation of the assessee to file any return remains suspended till such time that a ‎notice is issued for such purpose under section 153A(1)(a) of the Act. If the return ‎is filed by the assessee within the reasonable time permitted by such notice under ‎section 153A(1)(a) of the Act, such return would then be deemed to have been ‎filed within the time permitted under section 139(1) of the Act for the benefit ‎under section 139(3) of the Act to be availed of by the assessee.‎

• The consideration that the loss in any year may be carried forward to the ‎subsequent year and set off against the profits and gains in the subsequent year is ‎a question that has to be determined by the assessing officer who deals with the ‎assessment of the subsequent year.‎

• On 26th Oct, 2018 INDORE TRIBUNAL held that if the assessee has already ‎purchased a new house within the stipulated period and as such is entitled to the ‎deduction u/s.54F even though the assessee failed to deposit entire sale ‎consideration scheme of deposits in capital gains account on or before due ‎date of filing its return of income.‎

• Assessee can fulfil the requirement of s. 54 of depositing the unutilised ‎portion of the capital gain on sale of residential property in notified ‎scheme upto the expiry of time-limit for filing return under s. 139(4). ‎From a plain reading of sub-s. (2) of s. 54, it is clear that only s. 139 is ‎mentioned in s. 54(2) in the context that the unutilised portion of the ‎capital gain on the sale of property used for residence should be ‎deposited before the date of furnishing the return of the income-tax ‎under s. 139. Sec. 139 cannot be meant only as s. 139(1) but it means ‎all sub-sections of s. 139. ‎

• धारा 10 एवं 11 में ट्रस्ट या संस्था द्वारा छूट लेने के लिए गाइडलाइंस