« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  FinMin mulls cut in tax surcharge... Scope to scrutinise... » Capital gains January, 25th 2008 The Bangalore Tribunal held that where an assessee has utilised the amount for acquiring a new asset, after the regular due date of filing return but before the date of filing of the belated return (i.e., within two years from the last date of financial year), he will be entitled to claim exemption under Section 54F from capital gains. In order to claim exemption under Section 54F, the assessee invested capital gains on sale of shares in various months. The assessing officer disallowed the exemption on the ground that investment should have been made before the regular date of filing of return. However, the assessee had invested such gain before the date of filing belated return. The tribunal observed that provisions of Section 54F do not mention any specific sub-section of Section 139 and it only provides for investment to be made before the due date of furnishing the return of income. Therefore, to claim the exemption, assessee need not utilise the amount of gain for acquisition of new asset before the regular due date of filing return. Accordingly, the claim of the assessee was allowed.