Assessee\u00a0 claimed\u00a0 exemption in respect of capital\u00a0 gain on sale of property.\u00a0 The AO denied benefit of deduction under section 54 for reason that assessee had not deposited unutilized capital gain in a specified bank account within due date for filing return of income as contemplated under section 54(2) of the Act. Before the Tribunal the assessee filed additional\u00a0 evidence to show that within a period of 3 years from date of transfer of capital asset, it had put up construction of residential house and, therefore, requirement of deposit of unutilized capital gain in a specified bank account did not arise for consideration. The matter was remanded to the file of AO for verification. (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains-Profit on sale of property used for residence-Amount utilised for construction of house-Additional evidence-Matter remanded. [S. 54(2), 254(1), R. 46A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16874","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4oa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16874"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16874\/revisions"}],"predecessor-version":[{"id":16875,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16874\/revisions\/16875"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}