ITAT Grants Section 54F Exemption Despite Non-Deposit in Specified Account

R. Venkata Dhana Lakshmi (wife & legal heir of late R.Venkateswara Rao) Vs ITO (ITAT Visakhapatnam) Income Tax Appellate Tribunal (ITAT), Visakhapatnam, partly allowed an appeal filed by the legal heir of a deceased assessee, granting a deduction under Section 54F of the Income Tax Act despite non-compliance with the deposit requirement. The assessee had sold four flats received as part of a development agreement, resulting in both long-term and short-term capital gains. While the ITAT upheld the assessment of these gains, it overturned the Commissioner of Income Tax (Appeals)’s (CIT...