Exemption u/s 54 to extent of non-deposit of unutilized amount in ‘Capital Gain Account Scheme’ not available

Ramalingam Nagarajan Vs ITO (ITAT Chennai) ITAT Chennai held that exemption under section 54 of the Income Tax Act not allowable to the extent of non-deposit of unutilized amount in ‘Capital Gain Account Scheme’. Only proportionate exemption allowed. Facts- The assessee has sold land & building for a sale consideration of Rs.1,51,00,000/-. The assessee has computed LTCG from the sale of land & building at Rs.89,99,443/- and claimed exemption u/s.54 of the Act, for purchase of residential house property for an amount of Rs.90 lakhs. During the course of assessment proceedings, the A...