Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (4) TMI 109 - ITAT VISAKHAPATNAMRevision u/s 263 by CIT - disallowance of capital gains claimed u/s. 54F - main contention of the Ld. Pr. CIT is that the assessee has not complied with the conditions laid down u/s. 54F(4) where the assessee should deposit the net sale consideration on or before the due date of filing of return of income u/s.139(1) - HELD THAT:- Section 54F(4) of the Act mandates that in the intermediary period of buying the residential house, the assessee shall deposit the amount under Capital Gain Account Scheme to avail the benefit of deduction U/s. 54F of the Act. In the instant case, the assessee has not deposited the net sale consideration under the Capital Gain Account Scheme however, as stipulated by the time frame U/s. 54F(1) - assessee has utilized the entire net sale consideration for the purpose of buying the residential property. Section 54F is a beneficial provision and should be interpreted liberally and Revenue Authorities have to see the end utilization of the net sale consideration in the way prescribed in section 54F - no hesitation to quash the order of the Ld. Pr. CIT passed U/s. 263 of the Act. Appeal of the assessee is allowed.
|