https://www.taxtmi.com/forum/issue?id=111615 Taxpayer deposited long term capital gains in a capital gains account scheme intending to acquire land and build a house but, despite documented bona fide attempts including advances and returned payments, could not complete acquisition within the three year period; after closing the account and declaring gains and accrued interest, the auditor advised tax plus penalty and interest under the delayed payment provisions, and the taxpayer seeks if exemption from such interest and penalties is available based on the efforts and evidence. en-us Tue, 14 Mar 2017 13:01:37 +0530 Thu, 23 Jan 2025 15:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111615 Taxpayer deposited long term capital gains in a capital gains account scheme intending to acquire land and build a house but, despite documented bona fide attempts including advances and returned payments, could not complete acquisition within the three year period; after closing the account and declaring gains and accrued interest, the auditor advised tax plus penalty and interest under the delayed payment provisions, and the taxpayer seeks if exemption from such interest and penalties is available based on the efforts and evidence. Discussion-Forum Income Tax Tue, 14 Mar 2017 13:01:37 +0530 https://www.taxtmi.com/forum/issue?id=111615