Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1572 - ITAT CHENNAIDisallowance of deduction u/s.54(2) - not depositing the residue sale proceeds in capital gain scheme account within the stipulated period u/s.139(1) - whether the unutilised amount of capital gains which was not appropriated towards construction of new house property before the due date for filing of the return of income as envisaged u/s 139(1) or which was not deposited in the notified Capital Gains Account Scheme before the due date for filing of the return of income as envisaged u/s 139 (1) ? - HELD THAT:- We find this issue squarely covered by the decision of the Chennai Bench of the Tribunal in [2016 (9) TMI 1563 - ITAT CHENNAI] wherein on the identical situation it was held that such small technical breach will not disentitle the assessee the benefit of Section 54. Further the Ld.CIT(A) has also followed the decisions of various higher Judiciary wherein the issued is held in favour of the assessee in similar circumstances. Therefore we do not find it necessary to interfere with the order of the Ld.CIT(A) on this issue. - Decided against revenue
|