Section 54B Exemption Allowed Despite Non-Deposit in CGAS

Ramsinhji Meraji Vanzara Vs ITO (ITAT Ahmedabad)

54B relief can’t be denied for non-deposit in CGAS when cheques issued before due date: ITAT grants full exemption

ITAT Ahmedabad  allowed assessee’s appeal &  directed grant of full deduction u/s 54B. Assessee had sold agricultural land &  purchased new agricultural land on 14-08-2019, within the statutory period, by issuing cheques for entire consideration on the date of registered purchase deed. AO restricted deduction to ₹1.53 lakh on ground that balance amount was not deposited in Capital

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