Deduction u/s. 54F not available on unutilized consideration not deposited in specified accounts before due date

Humayun Suleman Merchant Vs. Chief CIT (Bombay High Court)

Mandate of section 54F(4) is clear that amount which has not been utilized in construction and/or purchase of property before filing the return of income, must necessarily be deposited before that date in an account duly notified by the Central Government, so as to be exempted. As assessee had not complied with mandatory provision, AO was justified in restricting exemption under section 54F.