https://www.taxtmi.com/caselaws?id=263455 The Tribunal dismissed the Department's appeal challenging the deletion of an addition of Rs. 1,16,40,000 on account of Capital Gains by the CIT(A). The appeal involved the investment of Rs. 54,40,000 in a residential plot and Rs. 63,00,000 in the Capital Gains Accounts Scheme. The Tribunal upheld the CIT(A)'s decision, emphasizing that non-completion of construction within three years was immaterial if the land was purchased and construction commenced. Additionally, the Tribunal ruled in favor of the assessee regarding the deposit of Rs. 63,00,000 in the Capital Gains Accounts Scheme, stating that the exemption could not be denied based on the transfer to a Fixed Deposit Account after the due date. en-us Thu, 20 Aug 2015 00:00:00 +0530 Thu, 03 Sep 2015 07:45:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263455 The Tribunal dismissed the Department's appeal challenging the deletion of an addition of Rs. 1,16,40,000 on account of Capital Gains by the CIT(A). The appeal involved the investment of Rs. 54,40,000 in a residential plot and Rs. 63,00,000 in the Capital Gains Accounts Scheme. The Tribunal upheld the CIT(A)'s decision, emphasizing that non-completion of construction within three years was immaterial if the land was purchased and construction commenced. Additionally, the Tribunal ruled in favor of the assessee regarding the deposit of Rs. 63,00,000 in the Capital Gains Accounts Scheme, stating that the exemption could not be denied based on the transfer to a Fixed Deposit Account after the due date. Case-Laws Income Tax Thu, 20 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263455