Allowing the appeal of the assessee , the Tribunal held that , Capital gain utilized towards purchase of new asset before furnishing of return of income belatedly under section 139(4) would be entitle to deduction . ( AY. 2012-13)
Manilal Dasbhai Makwana v. ITO (2018) 172 ITD 1 (Ahd) (Trib.)
S. 54B : Capital gains – Land used for agricultural purposes – Capital gain utilized towards purchase of new asset before furnishing of return of income belatedly under section 139(4) would be entitle to deduction . [ S. 45, 139(4) ]