Exemption U/s. 54F allowed for Investment in purchase of Villa routed through mutual funds

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of the return, not only the capital asset was purchased by the assessee on 3 1.03.2011, but also the assessee had deposited and invested an amount of Rs.15 lakhs with Canara Bank. Therefore the assessee has fulfilled all the conditi

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