Deduction U/s 54F Allowed – Deposit in CGAS Not Mandatory if Investment Made Within Extended Time

Zafar Iqbal Vs DCIT (ITAT Kolkata) The ITAT Kolkata partly allowed the assessee’s appeal in a capital gains dispute arising from sale of land and claim of exemption u/s 54F. The AO and CIT(A) had denied exemption on the ground that unutilised capital gains were not deposited in the Capital Gain Account Scheme before the due date u/s 139(1) and also alleged ownership of more than one residential house. The Tribunal held that where the assessee had invested the capital gains in a new residential property within the extended time available u/s 139(4), exemption u/s 54F cannot be denied merely f...