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 .\u00a0 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 .\u00a0 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\u00a0 the assessee\u00a0 having complied with requirement of section 54B(2) in light of time limit as per section 139(4)\u00a0 denial of exemption is held to be not justified\u00a0 . (AY. 2012 -13 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54B : Capital gains – Land used for agricultural purposes -Agricultural land was sold by assessee on 12-10-2011 and new agricultural land was purchased on 26-8-2013- Denial of exemption is held to be not justified [ S. 45, 54B(2), 139(4) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19265","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-50J","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19265"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19265\/revisions"}],"predecessor-version":[{"id":19266,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19265\/revisions\/19266"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}