Section 54F Exemption Allowed as Entire Capital Gain Was Invested Within Statutory Period

Gurkanwal Kaur Vs ITO (ITAT Chandigarh) Capital Gains Addition Deleted Because Procedural Lapse Cannot Override Genuine Section 54F Claim; Section 54F Benefit Cannot Be Denied Solely for Non-Deposit in Capital Gain Account Scheme; ITAT Grants Section 54F Relief Because Revenue Could Not Disprove Residential Investment Evidence; Beneficial Provision Under Section 54F Must Be Liberally Interpreted, Rules ITAT. Summary: The ITAT Chandigarh allowed the assessee’s appeal and held that exemption under Section 54F of the Income Tax Act cannot be denied merely because the unutilised capital gain...