Year of taxability of unutilised portion of capital gains- Section 54/54F

Deepak Bhardwaj Vs ITO (ITAT Delhi)

Only question that arises for our consideration is whether the unutilised portion of capital gains is liable for tax either in the year in which such long term capital gains arose or in the year in which the period of 3 years for such utilisation expires. Under identical facts circumstances, where the assessee had invested the long term capital gains in purchase of land towards construction of house but could not complete the construction before the expiry of 3 years as to pretend under la

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