Tax Payable on capital gain account amount Not utilized within Statutory Period

Avtar Krishen Jalla Vs ITO (ITAT Delhi) As per the provisions of Section 54, the assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee has made payments for purchase of a flat. He has paid an amount of Rs.35.10 lakhs out of the capital gain of Rs.50lakhs and the balance amount of Rs.14.90 lakhs was lying unutilized in the capital gain account scheme which was brought to tax by the Assessing Officer and the assessee himself had agr...