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2020 (8) TMI 312 - AT - Income TaxLTCG - Benefit of deduction u/s 54 - entitled for the benefit of deduction in respect of the disputed sum, when she has utilized such sum towards purchase of the new house on 26-8-2016 and thus complied with the provisions of section 54(1), even though the said sum was not deposited in the capital gains account scheme as required under section 54(2) - HELD THAT:- For seeking benefit of deduction under section 54 of the Act, the assessee should have substantially complied with section 54(1). In this case, the assessee should have purchased the residential house within two years from 19-10-2015, ie the date of transfer. She has utilized such sum towards purchase of the new house on 26-8-2016 itself. As explained the reasons for not-depositing the amount in Capital Gains Accounts Scheme which is also not disputed. Since the assessee has substantially complied with section 54(1), therefore, a mere non-compliance of a procedural requirement under section 54(2) itself cannot stand in the way of the assessee in getting the benefit under section 54. Therefore, we do not find any reason to interfere with the order of the learned CIT (A). The Grounds raised in the appeal of the Revenue stand dismissed.
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