Section 54 deduction cannot be denied for mere non-deposit in capital gain account

Venkata Dilip Kumar,Kartha-HUF Vs CIT (Madras High Court) No doubt, Section 54 (2) contemplates that if the amount of the capital gain is not appropriated by the assessee towards purchase of new assets within one year before the date on which the transfer of original asset took place or which is not utilised by him for the purchase of new asset before the date of furnishing the return of income under Section 139, he has to deposit the said sum in an account in any such bank and utilised in accordance with any scheme which the Central Government may, by notification frame in that behalf. In oth...