ITAT Jaipur says Section 54 Relief Cannot Be Denied for Non-Filing of Original Return

ITAT Jaipur held that an assessee could claim Section 54 deduction in a return filed in response to a reassessment notice, notwithstanding the failure to file an original return under Section 139(1). Since the capital gain had already been invested in a new residential property within the prescribed period, the Tribunal held that the exemption could not be denied on a procedural ground.