Assessee sold agricultural land on 12-10-2011 and filed its return of income declaring long term capital gains after claiming exemption under section 54B towards purchase of another agricultural land .  Assessing Officer denied assessee’s claim under section 54B on ground that she did not deposit amount of capital gains in designated capital gains account maintained with a bank before due date of filing return under section 139(1) . CIT (A) affirmed the view of Assessing Officer . On appeal the Tribunal held section 139 was to be read here as section 139(4) and not to be confined to section 139(1) alone . As the time under section 139(4) was available up to 31-3-2014 .  Assessee opened a bank account under designated Capital gain account scheme on 3-8-2013 and purchased a new property on 26-8-2013 which was well within given period of two years from date of transfer . Accordingly  the assessee  having complied with requirement of section 54B(2) in light of time limit as per section 139(4)  denial of exemption is held to be not justified  . (AY. 2012 -13 )