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2019 (5) TMI 106 - ITAT AHMEDABADExemption u/s 54F - investment of capital gain in purchase of a flat - Non deposited the sale consideration in a capital account before the due date of filing of return u/s 139 - Stand of the assessee is that she has made investment in purchase of a new flat and utilised the total capital gain - HELD THAT:- In the case of Ashok Kapasiawala [2015 (10) TMI 2045 - ITAT AHMEDABAD] also the assessee did not deposit the sale consideration in the bank account before the due date of filing of return. But otherwise purchase of house is within two years stipulated in section 54F(1) of the Act. It is not the case of the assessee that she has purchased beyond the period as contemplated in section 54F(1). The only failure is, she has not deposited the sale consideration in capital account. This condition has not been considered as mandatory by K. RAMACHANDRA RAO [2015 (4) TMI 620 - KARNATAKA HIGH COURT] . Thus allow the appeal of the assessee and direct the AO to grant exemption under section 54F to the assessee. - Decided against revenue
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