https://www.taxtmi.com/caselaws?id=68505 The Tribunal partially allowed the assessee's appeal, granting exemption under s. 54F for the amount invested in a residential property, despite not depositing the unutilized amount in the Capital Gains Account Scheme. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2 lakhs as an unexplained deposit, accepting the assessee's explanation. Interest charges under s. 234A and 234B were deemed consequential, leading to the dismissal of the Department's appeal. The outcome reflects a balanced consideration of the assessee's intentions and compliance with statutory provisions, resulting in the partial allowance of the appeal. en-us Tue, 15 Jun 2004 00:00:00 +0530 Fri, 05 Jul 2024 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68505 The Tribunal partially allowed the assessee's appeal, granting exemption under s. 54F for the amount invested in a residential property, despite not depositing the unutilized amount in the Capital Gains Account Scheme. The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2 lakhs as an unexplained deposit, accepting the assessee's explanation. Interest charges under s. 234A and 234B were deemed consequential, leading to the dismissal of the Department's appeal. The outcome reflects a balanced consideration of the assessee's intentions and compliance with statutory provisions, resulting in the partial allowance of the appeal. Case-Laws Income Tax Tue, 15 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68505