Sec. 54F exemption for deposit in saving a/c instead of capital gain a/c scheme

Advertisement Brief of the case In deciding the exemption u/s 54F in the case of Sri M.S. Lakshmana Rao vs. DCIT, Hyderabad Tribunal held that non-compliance to condition of depositing sale proceeds in capital gain account scheme as required u/s 54 will not be so fatal to debar the assessee from getting benefit of section 54F. But whereas in the facts of the present case, no documentary evidence has been brought on record to establish the fact that assessee’s father has given up his right over the property or assessee has actually made investment towards construction of house property, d...