There is a violation of section 54 since you have not deposited the amount in CGAS which appears to be very much necessary for the claim. But there is a decision which allowed a claim even though there was a delay. So my advice will be to deposit the amount as early as possible. I cannot say for sure whether the decision about which I mentioned is a sound decision in law. Anyway try ur luck.
U may also face difficulties at the time of filing the returns since you will have to give details of the deposit to claim the deduction and obviosly there is a delay.
siva208 @ yahoo.com
Please refer the below case laws where exemption u/s 54 was allowed even in case of return u/s 1394 (4) i.e belated return:-
1. CIT v/s Rajesh Kumar Jalan (2006) 286 ITR 274 (Gau)
2. Fathima Bai V/s ITO (2009) 32 DTR (Kar) 243.
Dear CA Manish Malu,
I would like to know onething. The above mentioned Case laws are for Belated filing of Return alone(i.e.CG deposited in CG A/C scheme on or before the due date) or Depositing the CG in CG Account after the due date of filing the ROI?
Depositing the CG in CG Account after the due date of filing the ROI but before actual filing of return in accordance with sec 139 (4).
CAclubindia
