Section 54F deduction allowed as funds utilized within extended period vide CBDT Circular 11/2023

Rikant Pittie Vs ACIT (ITAT Delhi) ITAT Delhi held that deduction under section 54F of the Income Tax Act duly available since funds are utilized within the extended period of time as per CBDT Circular No. 1/2023 dated 06.01.2023. Accordingly, appeal of revenue dismissed. Facts- AO rejected the plea of the assessee for the claim of exemption u/s 54F of the Act and he observed that assessee has not utilised the sale consideration of Rs.42,88,55,000/- entirely for the purpose of new property to the extent of Rs.17,54,35,580/- was not utilised before the file of return of income u/s 139(1) of th...