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| The Tax Publishers2020 TaxPub(DT) 4284 (Bang-Trib) INCOME TAX ACT, 1961
Section 54F
Since assessee had expended the amount well within period of 3 years from the date of sale of original asset, assessee was entitled to proportionate deduction under section 54F though the assessee had not deposited capital gains amount in the Capital Gains Account Scheme within the prescribed time.
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Capital gains - Deduction under section 54F - Amount expended towards new asset within a period of three years though no deposit made in capital gain account scheme -
Assessee claimed deduction section 54F on acquisition of a residential property. AO denied the said claim on the ground that assessee had not deposited capital gains amount in the Capital Gains Account Scheme before the date of furnishing return of income. Held: Assessee had expended the amount well within period of 3 years from the date of sale of original asset. Therefore, following the case of K. Ramachandra Rao (2015) 277 CTR (Kar) 522 : 2015 TaxPub(DT) 1933 (Karn-HC) though the assessee had not deposited capital gains amount in the capital gains account scheme within the prescribed time, since the impugned expenditure was incurred within a period of 3 years from the date of sale of original asset, the assessee was entitled to proportionate deduction under section 54F.
Followed:K. Ramachandra Rao (2015) 277 CTR (Kar) 522 : 2015 TaxPub(DT) 1933 (Karn-HC).
REFERRED :
FAVOUR : Partly in assessee's favour.
A.Y. : 2015-16
IN THE ITAT, BANGALORE BENCH
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