Section 54F Exemption cannot be denied if assessee invests entire consideration in construction of residential house

Vijay Mahipal v. ITO (ITAT Kolkata) If the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed u/s 139(1) of the Act. FULL TEXT OF THE ITAT JUDGEMENT 1. This appeal by the Asses see arises out of the order of the Learned Principal Commissioner of Income Tax-2, Kolkata [in short the ld CIT] in Appeal No. 2503/CIT(A)-2/15-16 dated 23.12.2016 against the orde...