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Case Law Details

Case Name : Avtar Krishen Jalla Vs ITO (ITAT Delhi)
Appeal Number : ITA No. 9859/Del/2019
Date of Judgement/Order : 28/05/2021
Related Assessment Year : 2012-13
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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 agreed before him during the course of assessment proceedings.

In the instant case, the assessee has not utilised the amount lying in the capital gain account within the statutory period and in fact had surrendered the same during the course of assessment proceedings and, therefore, the said amount is liable to tax.

FULL TEXT OF THE ITAT JUDGEMENT

This appeal filed by the assessee is directed against the order dated 18.11.2019 of the CIT(A)-35, New Delhi, relating to assessment year 2012-13.

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