Section 54F Deduction cannot be denied for mere non deposit of amount in bank a/c

Nandkishore Ramanlal Parikh- HUF Vs ITO (ITAT Ahmedabad) When the assessee had invested the entire sale consideration in construction of a residential house within the three years from the date of transfer. Could he be denied exemption under section 54F on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed u/s. 139(1) of the Act. In the case of Ashok Kapasiawala vs. ITO, 63 taxamnn.com 284 also the assessee did not deposit the sale consideration in the bank account before the due date of filing of return. But otherwise purchase of h...