Held that only part of consideration is utilised for purchase of property before due date of filing of return. Balance consideration is not deposited under Capital gains Account Scheme hence the exemption is not available. As regards the sale of agricultural land only the portion of the sale consideration is utilised towards purchase of new agricultural land which was purchased beyond due date of filing of return. Denial of exemption is affirmed. (AY. 2009-10)
Santosh Maruti Borate v. ITO (2023) 221 TTJ 422 (Pune )(Trib)
S. 54F : Capital gains-Investment in a residential house-Only part of consideration is utilised for purchase of property before due date of filing of return-Balance consideration is not deposited under Capital gains Account Scheme-Exemption is not available. [S. 54B,54F(4)139(1)]