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Ashok Kumar Wadhwa v. ACIT ( 2021) BCAJ – April – P. 56 ( Delhi ) ( Trib)

S.54F : Capital gains- Investment in a residential house – Sale consideration was not deposited in a bank as per capital gain account scheme – Investment in acquisition of house was made with in the time prescribed – Denial of exemption was held to be not justified [ S.45 54F(4) ]

Allowing the appeal of the assessee the Tribunal held that  section 54 (1) are mandatory and substantive in nature  , while provision of sub section (4)  of section 54F are procedural . Accordingly when sale consideration was not deposited in a bank as per capital gain account scheme  however investment in acquisition of house was made with in the time prescribed , denial of exemption was held to be not justified. Followed CIT v. K .Ramachnndra Rao (2015 ) 230 Taxman 334  ( Karn) ( HC)  , Vatsala Ashthana v. ITO ( 2019 ) 179 ITD 297 110 ( Delhi) ( Trib)  ( ITA No. 114/ Del/ 2020 dt 2-3 -2021 ( AY. 2016 -17 )

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