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PR. COMMISSIONER OF INCOME TAX BANGALORE AND THE INCOME-TAX OFFICER WARD 14 (1) BANGALORE Versus SHRI R. SRINIVAS

Entitlement to benefit of Section 54F - Held that:- This Court, in the case of Fathima Bai [2008 (10)563 - KARNATAKA HIGH COURT] has, in similar facts, allowed the benefit to the assessee therein after observing that even though the assessee may have technically defaulted but since the sale amount was duly utilized within the specified period of three years, the assessee would be entitled to the benefit of Section 54F of the Act. - Decided in favour of assessee - ITA NO.384/2015 - Dated:- 2-11-2 .....

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sale amount had been utilized for purchase of land and construction of residential house. 3. The case of the Revenue is that since the sale amount had not been deposited in the Capital Gains Accounts Scheme, the assessee would not be entitle d to the benefit of Section 54F of the Act. 4. The Assessing Officer disallowed the claim of the Revenue and the appeal filed by the assessee was partly allowed. The matter was taken up before the Tribunal , which has allowed the claim of the assessee in tot .....

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