2021 (7) TMI 159 - ITAT HYDERABAD - Income Tax

Head Note / Extract:
Addition made towards LTCG denying the benefit of deduction u/s. 54F - assessee had not deposited the sale proceeds in the capital gains deposit accounts scheme maintained with any Nationalised Bank as per section 54F(4) of the Act and therefore, disallowed the claim of deduction - HELD THAT:- On an earlier occasion the SMC Bench of Hyderabad Tribunal in the case of Satya Prakash Reddy Aedudodla [2021 (7) TMI 76 - ITAT HYDERABAD] following the decision of the Division Bench of Chennai Tribunal [2018 (1) TMI 1572 - ITAT CHENNAI] had held that if the sale proceeds are deposited in any Nationalised Bank it would suffice though not transferred to the capital gain deposit scheme account Therefore, in the interest of justice, we hereby remit the matter back to the file of the Ld. AO to verify whether the assessee has deposited the entire sale proceeds in any of the Nationalised Bank and if found so then the Ld. AO is hereby directed to grant the benefit of deduction provided all the other conditions stipulated under the Act are complied with - Appeal of the assessee is allowed for statistical purposes.