GURUMURTHAPPA KRISHNAMURTHY YASHODA ,BANGALORE vs. DCIT, CIRCLE-7(2)(1), BANGALORE

ITA 2264/BANG/2025Status: DisposedITAT Bangalore03 June 2026AY 2015-165 pages
AI SummaryAllowed

What were the facts?

The assessee claimed exemption under Section 54 on capital gains from property sale. While a portion was invested before filing the return, the remaining amount was invested before the extended due date for filing under Section 139(4), but not before the original due date under Section 139(1).

What did the Tribunal hold?

The Tribunal held that if the capital gains are utilized for construction before filing the return under Section 139(4), the assessee is entitled to the deduction under Section 54, even if the deposit was not made before the original due date under Section 139(1).

What were the issues?

Whether the utilization of capital gains for construction before the extended due date for filing the return under Section 139(4) qualifies for deduction under Section 54, even if not deposited before the original due date under Section 139(1).

Which sections of the Income-tax Act were involved?

Section 54,Section 139(1),Section 139(4),Section 54(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH : BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SOUNDARARAJAN K.

For Appellant: Shri Tirumala Naidu, CA
For Respondent: Shri Balusamy .N, JCIT-DR

PER SOUNDARARAJAN K., JUDICIAL MEMBER

This is an appeal filed by the assessee challenging the order of the NFAC, Delhi dated 09/09/2025 in respect of the A.Y. 2015-16. 2. The brief facts of the case are that the assessee is an individual and filed her return of income on 29/02/2016. The assessee had declared the capital gains and income from other sources. The case was selected for limited scrutiny through CASS and notice u/s. 143(2) was issued. Thereafter notice u/s. 142(1) was issued. The assessee also furnished the details called for by the AO. During the course of assessment proceedings, the AO found that the assessee had cl

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 54

All 1,739 judgments and leading authorities on Section 54 →

Recent GST High Court judgments

Search GST case law →