“Section 54(1)(proviso)”

Section 139(4) of the Income-tax Act, which allows for filing a belated return, acts as a proviso to Section 139(1). Consequently, the time limit for depositing amounts or utilizing funds to claim exemptions, such as under Section 54, extends up to the due date for filing a return under Section 139(4).

Exemption under section 54 is allowable where the assessee purchased a new property before the extended due date of filing the return as per section 139(4). Section 139(4) is a proviso to section 139(1) providing an extension for filing returns.

When assessing the value of goods sold in separate transactions, separate prices charged for different buyers can be examined under Section 4(1)(a) proviso to determine if they are justified.