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2018 (11) TMI 1054 - AT - Income TaxRejection of exemption u/s 54F - investment before the date specified u/s 139(4) - non deposit the said amount in capital gain account scheme before the due date prescribed u/s 139(1) - investment of sale consideration in construction of a residential house within three years from the date of transfer - Held that:- It is not in dispute that the assessee in the instant case had invested net sale consideration for purchase of new residential flat before the date specified u/s 139(4) of the Act. We find that issue under dispute is squarely covered in favour of the assessee by the Co-ordinate Bench decision of this Tribunal in the case of Sunayana Devi vs. ITO [2017 (9) TMI 961 - ITAT KOLKATA] wherein as relying on Hon’ble Karnataka High Court in the case of CIT, Bangalore vs K.Ramachandra Rao [2015 (4) TMI 620 - KARNATAKA HIGH COURT] held that if the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account scheme before the due date prescribed u/s 139(1) of the Act. As the assessee invested the sale consideration in construction of a residential house within three years from the date of transfer, we are of the view that the assessee should be given the benefit of deduction u/s 54F - decided in favour of assessee.
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