No deduction U/s. 54F for amount not invested in CGAS within period U/s. 139(1) or 139(4)

Shri Bolishetty Venkatesh Vs ITO (ITAT Hyderabad) Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme  (CGAS) within the period specified under section 139(1) or 139(4) of Income Tax Act, 1961, Asessing Officer (AO) was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income. Undisputedly the assessee has invested the entire capital gain in construction of a new house within the period of three years from the date of sale of the original asset. As per Sec. 54F(4) of the Act, the...