https://www.taxtmi.com/caselaws?id=245317 The Appellate Tribunal ITAT Cochin ruled on the exemption under section 54F of the Income Tax Act for the assessment years 2005-06 and 2007-08. The Tribunal found that the unutilized sale consideration should have been deposited within the due date for filing the return of income under section 139(1). The Tribunal emphasized the importance of adhering to the specific timelines outlined in the Act. The case was remanded to the assessing officer for reconsideration in light of relevant court judgments, setting aside the lower authorities' decisions. Both the assessee and the revenue's appeals were allowed for statistical purposes. en-us Fri, 07 Mar 2014 00:00:00 +0530 Wed, 26 Mar 2014 14:37:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245317 The Appellate Tribunal ITAT Cochin ruled on the exemption under section 54F of the Income Tax Act for the assessment years 2005-06 and 2007-08. The Tribunal found that the unutilized sale consideration should have been deposited within the due date for filing the return of income under section 139(1). The Tribunal emphasized the importance of adhering to the specific timelines outlined in the Act. The case was remanded to the assessing officer for reconsideration in light of relevant court judgments, setting aside the lower authorities' decisions. Both the assessee and the revenue's appeals were allowed for statistical purposes. Case-Laws Income Tax Fri, 07 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245317