139

• 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