For claiming deduction u/s 54F mere bank statement showing withdrawal of amount is not sufficient

Brief of the case: ITAT Hyderabad held in Shri M.S Lakshmana Rao Vs DCIT that if the assesse had not deposited the capital gain amount under the capital gain account scheme in bank then the assesse should not be barred of the exemption of sec 54 provided the assesse proved that the capital gain amount had actually been utilized for the construction of house. The assesse had to prove by showing the bills paid to the contractor, or other material bills, bank statement showing withdrawal from bank was not sufficient. Moreover even if the property on which amount had to be spent was not in the nam...