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  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
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.