Section 54 Exemption Allowed as Investment Was Made Within 2 Years Despite No CGDS Deposit

Usha Rani Laxmeshwar Vs National Faceless Appeal Centre (ITAT Indore) ITAT Allows Section 54 Relief Because Procedural Lapse Cannot Override Genuine Reinvestment; Reassessment Fails Because Section 54 Benefit Cannot Be Denied for Technical Non-Compliance; Section 54 Deduction Upheld Because New House Was Purchased Within Statutory Time Limit; Capital Gain Exemption Restored Because Actual Investment Took Precedence Over Deposit Procedure. Summary : The Indore Bench of the Income Tax Appellate Tribunal in held that exemption under Section 54 of the Income Tax Act cannot be denied merely because...