Section 54F deduction not available on failure to deposit unutilized amount in CGS account by due date

Uddhav Krishna Bankar Vs ITO (ITAT Pune) Conclusion: Assessee was not entitled to claim of deduction under section 54F as assessee had failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the due date of filing of return of income. Held: In the instant case, though assessee had utilized the amount of capital gains for the purchase of agricultural land within the period of two years, but after the due date of filing the return of income. Following the decision in case of Humayun Suleman Merchant vs. CCIT and CIT Vs. Rajesh Kumar Jalan it was held that ...