No Need for CGAS Deposit If Entire Capital Gains Utilised Before Filing Return – Matter Remanded for Verification

Mukesh Babulal Shah Vs ITO (ITAT Mumbai) No Need for CGAS Deposit If Entire Capital Gains Utilised Before Filing Return – Matter Remanded for Verification Mumbai ITAT held that deposit in Capital Gains Account Scheme (CGAS) is not mandatory where the entire capital gains are already utilised before filing the return of income, even if the return is filed belatedly under Section 139(4). The assessee’s claim of ₹3.69 crore deduction u/s 54 was denied by the AO and upheld by CIT(A) on the ground that: Capital gains were not deposited in CGAS before due date u/s 139(1) Investment in new pro...