Case Law Details
Case Name : Sunayana Devi Vs. ITO (ITAT Kolkata)
Related Assessment Year : 2004-05
Courts :
All ITAT ITAT Kolkata
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Sunayana Devi Vs. ITO (ITAT Kolkata)
Since assessee had invested the sale consideration in construction of a residential house within three years from the date of transfer, deduction under section 54F could not be denied under section 54F on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed under section 139(1).
Assessee had utilised the net consideration in construction of a house within the period of three years from the date of transfer, the question would be whether the absence of deposit of unutilised net consideration in a sp...
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OFFHAND
The view taken in favor of taxpayer, following the cited KAR HC Judgment , cannot be logically faulted, for more than one reason. For a discussion of the hyper-technical contra view taken by the BOM HC, look up the published Article @ https://taxguru.in/income-tax/sec-54f-brain-teaser.html