Section 54F exemption cannot be denied for Home Loan default

Goulikar Jawaharlal Vs ITO (ITAT Hyderabad) The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961? ITAT states that, it is apparent that the sale proceeds received by the assessee was utilised for purchase of the new residential property in the name of his son. The new asset is also purchased within the due date of filing of the return by the assessee. Therefore, as pointed out by the Ld. AR the assessee was not bound to deposit the sale proceeds in the capital ...