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2021 (6) TMI 96 - AT - Income TaxDeduction u/s 54F denied - non-payment from the capital gain account within the statutory period - HELD THAT:- The assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee has made payments for purchase of a flat. He has paid an amount of ₹ 35.10 lakhs out of the capital gain of ₹ 50lakhs and the balance amount of ₹ 14.90 lakhs was lying unutilized in the capital gain account scheme which was brought to tax by the Assessing Officer and the assessee himself had agreed before him during the course of assessment proceedings. Assessee has made payments subsequently, but, not utilised the capital gain amount lying in the capital gain account scheme before the specified date. Therefore, the action of the ld.CIT(A) confirming the addition is justified. In the instant case, the assessee has not utilised the amount lying in the capital gain account within the statutory period and in fact had surrendered the same during the course of assessment proceedings and, therefore, the said amount is liable to tax. - Decided in against assessee.
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