AO rejected assessee’s claim for deduction on ground that amount was not deposited in Capital gains account. Tribunal held that as the\u00a0 amount received in cash was taken over by department before due date of filing return of income and, thus, assessee was prevented from depositing said money in Capital gains account. On facts it was found that\u00a0\u00a0 remaining amount of capital gain had been duly deposited in Capital gain account. Accordingly the assessee is eligible for deduction. Tribunal also held that, S. 54, 54F being beneficial provision ,non-reference about specific section under which assessee is making claim\u00a0 exemption cannot be denied.\u00a0 (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house\u2013Capital gains account scheme – Part of sale consideration received in cash was taken over by department before due date of filing of return- Exemption cannot be denied on the ground that capital gain was not deposited in capital gains account with in prescribed time-S. 54 , 54F being beneficial provision, non-reference about specific section under which assessee is making claim exemption cannot be denied. [S. 45, 54]<\/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":[1],"tags":[],"class_list":["post-3687","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-Xt","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3687","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=3687"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3687\/revisions"}],"predecessor-version":[{"id":4861,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3687\/revisions\/4861"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}