Section 54 Deduction Allowed Despite Non-Deposit in CGAS

Nitin Bhatia Vs ITO (ITAT Hyderabad) Section 54 Deduction Allowed Despite CGAS Non-Deposit Due to Timely Property Investment; Capital Gains Exemption Granted Because Section 54(2) Held Procedural, Not Mandatory; Full Section 54 Relief Allowed Since New House Was Purchased Within Two Years; Deduction Under Section 54 Restored as Actual Investment Trumped CGAS Technicality; Section 54 Claim Upheld Because Substantive Compliance Overrides Procedural Lapse The Hyderabad Bench of the ITAT held that deduction under Section 54 cannot be denied merely for non-deposit of unutilised capital gains in th...