https://www.taxtmi.com/caselaws?id=344500 The Tribunal upheld the disallowance of the exemption claimed under Section 54 of the Income Tax Act, 1961. The decision was based on the failure of the assessee to deposit unutilized capital gains in a specified account before the due date of filing the return, as required by Sections 54(2) and 54F(4). The Tribunal's ruling aligned with the Bombay High Court's precedent, emphasizing that the exemption is only applicable to the amount invested in the new asset before the return filing deadline. Consequently, the appeal was dismissed, denying the exemption claim. en-us Mon, 03 Apr 2017 00:00:00 +0530 Sat, 17 Jun 2017 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344500 The Tribunal upheld the disallowance of the exemption claimed under Section 54 of the Income Tax Act, 1961. The decision was based on the failure of the assessee to deposit unutilized capital gains in a specified account before the due date of filing the return, as required by Sections 54(2) and 54F(4). The Tribunal's ruling aligned with the Bombay High Court's precedent, emphasizing that the exemption is only applicable to the amount invested in the new asset before the return filing deadline. Consequently, the appeal was dismissed, denying the exemption claim. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344500