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ITAT held that the assessee failed to utilize amounts held in a Capital Gains Account Scheme (CGAS) to construct a residential property within the statutory period and therefore properly offered Rs. 6.45 crores as long-term capital gains in the assessment year 2020-21, discharging the tax liability. The Tribunal found that the assessee had complied with section 54 by depositing the entire long-term capital gains in CGAS before filing the return for AY 2017-18, and that the Revenue and the ld. CIT(A) erred in taxing that sum in AY 2017-18. The Tribunal set aside the CIT(A) order and directed the AO to delete the addition and recompute total income; appeal allowed.
ITAT held that the assessee failed to utilize amounts held in a Capital Gains Account Scheme (CGAS) to construct a residential property within the statutory period and therefore properly offered Rs. 6.45 crores as long-term capital gains in the assessment year 2020-21, discharging the tax liability. The Tribunal found that the assessee had complied with section 54 by depositing the entire long-term capital gains in CGAS before filing the return for AY 2017-18, and that the Revenue and the ld. CIT(A) erred in taxing that sum in AY 2017-18. The Tribunal set aside the CIT(A) order and directed the AO to delete the addition and recompute total income; appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4920 
