Section 54 Deduction Allowed If Proceeds Utilized Within 3 Years: ITAT Chennai

Krishnamoorthy Vijayaraghavan Vs ITO (ITAT Chennai) The case of Krishnamoorthy Vijayaraghavan Vs ITO (ITAT Chennai) addresses the crucial question of whether a taxpayer can be denied the benefit of a capital gains exemption under Section 54 of the Income Tax Act, 1961, solely for failing to deposit the unutilized sale proceeds into the Capital Gains Account Scheme (CGAS) before the due date for filing the income tax return. The assessee had sold an original asset in the financial year 2009-10 (Assessment Year 2010-11) but did not file an original return. Upon receiving a reassessment notice ()...