Amount invested in capital gain scheme cannot be taxed in the year of investment

ACIT Vs Shri Sandeep Taneja (ITAT Delhi)

The amount once invested in the capital gain scheme cannot be brought to tax in the year of investment itself without considering the utilization within the period allowed under the said scheme.

Facts-

The assessee had declared Long Term Capital Gain of Rs. 5,60,56,490/- on sale of his immovable property located in Chikambarpur, Loni (U.P). He also had deposited Rs. 6,00,00,000/- in the Capital Gain Account (opened in Bank of India) on 23.03.2015.

The Ld. Assessing Officer had passed the assessment order u/s 143(3) on 24.12.2017, thereby determining the total income of the assessee at Rs. 6,82,31,550/-

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