No exemption U/s 54F on failure to deposit unutilized amount of capital gain within time

Shri Sameer Vithalrao Ghanwat Vs ITO (ITAT Pune) As per the provisions of section 54F(4) of the Act, the amount of net consideration which was not appropriated by the assessee towards the purchase of new asset made within one year before the date on which the transfer of the original asset took place, or which was not utilized by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 of the Act, shall be deposited by him before furnishing such return. Such deposits being made in any case not later than the due date applicable ...