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Sec. 54F of Income Tax Act, 1961 – Capital Gain – The assessment was completed u/s 143(3) r.w.s. 147 of the Act. On the basis of information received during the course of assessment proceedings for the assessment year 2013-14, the notice u/s 148 of the Act was issued stating that the assessee has wrongly claimed deduction u/s 54F of the Act as the assessee has deposited a sum of Rs. 22,50,000/- under capital gain account scheme on 03.12.2011 after due date of filing of return of income i.e, 31.07.2011, therefore, the income of the assessee has escaped assessment within the meaning of section 147 of the Act. In response, the assessee submitted his return of income on 24.03.2016 and thereafter, after considering the submissions of the assessee, the assessment was completed wherein the AO denied the claim of the assessee u/s 54F of the Act amounting to Rs. 17,09,798/-. CIT(A) sustained the addition. ITAT allowed the appeal of the assessee holding that:– Where the amount was deposited in capital gain accounts scheme before filing of return
u/s 139(4) of the Act, the same be eligible for deduction u/s 54F of the Act – RENU JAIN  79 ITR (TRIB) 621 (ITAT-JAIPUR)