Assessee claimed certain sum spent on construction cost as deduction under section 54  of the Act. The Assessing Officer   restricted exemption claimed under section 54 proportionately to amount deposited in Capital Gain Account Scheme as required under section 54(2).  Assessee filed writ petition against order of revenue and same was allowed by Single Judge, holding that mere non-compliance of a procedural requirement under section 54(2) itself could not stand in way of assessee in getting benefit under section 54, if he was, otherwise, in a position to satisfy that mandatory requirement under section 54(1) was fully complied with within time limit infructuous. (AY. 2014-15)