ITAT Pune Allowed Section 54F Deduction as Entire Sale Proceeds Invested Within Time

Satishchandra Jagdishchandra Gugale Vs ITO (ITAT Pune)

The ITAT Pune allowed the assessee’s appeal for AY 2014-15 and granted deduction under Section 54F of the Income Tax Act despite partial non-deposit of capital gains in the Capital Gains Account Scheme before filing the return. The assessee had sold a plot for ₹3.21 crore and invested the entire sale consideration in purchase of a residential flat worth ₹4 crore within the prescribed period, though only ₹2.25 crore was deposited in the specified account before filing the return. The Assessing Officer disallowed ₹91.45

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