https://www.taxtmi.com/caselaws?id=349988 The tribunal allowed the assessee's appeal, granting exemption of capital gains under Section 54F for the assessment year 2013-14. Despite not depositing the funds in the capital gains account scheme as required, the tribunal considered the deposit in a term deposit account a technical defect, not a violation. The investment timeline met the requirements under Section 54, emphasizing the liberal construction of beneficial provisions to encourage house construction. The use of a term deposit account for capital gains was deemed compliant, and joint ownership of the new property did not affect eligibility for exemption under Section 54. en-us Thu, 31 Aug 2017 00:00:00 +0530 Sat, 28 Oct 2017 08:18:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349988 The tribunal allowed the assessee's appeal, granting exemption of capital gains under Section 54F for the assessment year 2013-14. Despite not depositing the funds in the capital gains account scheme as required, the tribunal considered the deposit in a term deposit account a technical defect, not a violation. The investment timeline met the requirements under Section 54, emphasizing the liberal construction of beneficial provisions to encourage house construction. The use of a term deposit account for capital gains was deemed compliant, and joint ownership of the new property did not affect eligibility for exemption under Section 54. Case-Laws Income Tax Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349988