AO Cannot Tax Entire Capital Gain, Only Balance in CGAS Taxable: ITAT Chennai

Mohamed Akbar Vs ITO (ITAT Chennai) Tribunal Restricts Addition – Entire ₹5 Cr Gain Cannot Be Taxed Again- Only Balance Left in CGAS After 3 Years Taxable; Only Unutilised Capital Gain of ₹1.3 Cr Taxable- AO Erred in Adding Entire Capital Gains Assessee sold inherited property in July 2011 for ₹5 crore & claimed exemption u/s 54 by depositing ₹2.5 crore in Capital Gain Accounts Scheme with intent to purchase two flats. Due to dispute with builder, he received only one flat (costing ₹1.19 crore) & the balance ₹1.30 crore remained unutilised beyond 3 years. AO, in reassess...