TMI Blog2020 (12) TMI 597X X X X Extracts X X X X X X X X Extracts X X X X ..... invested in the said account. If the intention is not to retain cash but to invest in construction or any purchase of the property and if such investment is made within the period stipulated therein, then Section 54F(4) is not at all attracted and therefore the contention that the assessee has not deposited the amount in the Bank account as stipulated and therefore, he is not entitled to the benefit even though he has invested the money in construction is also not correct Section 54F is beneficial provision and should be interpreted liberally and the Assessing Officer has to see the end utilization of net sale consideration in the way prescribed in Section 54F of the Act, the assessee is entitled for exemption Under Section 54F of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al. Aggrieved by the assessee filed an appeal before us. 4. The learned Authorised Representative submitted that the assessee has finally invested the net sale consideration in the construction of new residential house within the stipulated period though the assessee was failed to keep the net sale consideration in Capital Gain Scheme Account. According to him, non-depositing of fund in prescribed Capital Gain Scheme Account cannot go against the assessee when the assessee has fully utilized the net sale consideration in the construction of new residential house. The ld. AR further submitted that the investment of net sale consideration in new residential property within a period of three years from the date of sale of the property is im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot complied with the conditions laid down under Section 54F(1) of the Act or 54F(4) of the Act, the assessee is not entitled for exemption Under Section 54F of the Act. 6. We have heard both the parties and perused the material on record. The main contention of the ld. DR is that the assessee has not complied with the conditions laid down u/s. 54F(1) or 54F(4) of the Act. U/s. 54F of the Act, when the assessee Invests the sale consideration from transfer either purchasing a residential house or constructing a new house within a period stipulated in Section 54F(1) of the Act, then only the assessee entitles for deduction under this section. In the intermediatery period the assessee shall deposit the amount in an account which is duly noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aining the cash, then the said amount is to be invested in the said account. If the intention is not to retain cash but to invest in construction or any purchase of the property and if such investment is made within the period stipulated therein, then Section 54F(4) is not at all attracted and therefore the contention that the assessee has not deposited the amount in the Bank account as stipulated and therefore, he is not entitled to the benefit even though he has invested the money in construction is also not correct. 7. Being so, in our opinion, the Section 54F is beneficial provision and should be interpreted liberally and the Assessing Officer has to see the end utilization of net sale consideration in the way prescribed in Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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