Capital Gain::

Court :
HC

Brief :
Held by the hon`ble bench that section 54F does not mention any sub-section of section 139, thus it cannot be interpreted as section 139(1). The amount of consideration from the sale of shares utilised before the date of filing of return u/s 139(4) is entitled for exemption under section 54F.

Citation :
Nipun Mehrotra Vs. Asst C.I.T. 03/29/2007 [2008] 297 ITR (AT) 110 Bangalore

Capital Gain - exemption under section 54F Nipun Mehrotra Vs. Asst C.I.T. 03/29/2007 [2008] 297 ITR (AT) 110 Bangalore Case Fact: Whether exemption under section 54F would be available to the assessee if the sale consideration of shares is invested in the acquisition of flat before the date of filing of return under section 139(4) of the Income tax Act? Decision: Held by the hon`ble bench that section 54F does not mention any sub-section of section 139, thus it cannot be interpreted as section 139(1). The amount of consideration from the sale of shares utilised before the date of filing of return u/s 139(4) is entitled for exemption under section 54F.