TMI BlogLTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant...LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain account scheme, and intended to utilize the funds for the purchase or construction of a new property within the statutory period. However, the completion of construction was delayed beyond the prescribed time frame. The ITAT ruled in favor of the appellant, emphasizing that the utilization of funds from the capital gain account scheme for the new investment was not mandatory, and the appellant could use other available funds without affecting their claim for deduction. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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