https://www.taxtmi.com/caselaws?id=376363 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to reevaluate the claim of deduction under section 54 of the Income Tax Act based on compliance with the provisions regarding utilization and deposit of capital gain before filing the return of income. The Tribunal relied on a decision of the Bombay High Court, emphasizing that if the amount is utilized before the last day of filing the return of income under section 139, the provisions of section 54(2) would not apply. The Tribunal found that the entire capital gain had not been utilized for constructing a new house or deposited in the specified account before filing the return of income. en-us Fri, 01 Mar 2019 00:00:00 +0530 Thu, 07 Mar 2019 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376363 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to reevaluate the claim of deduction under section 54 of the Income Tax Act based on compliance with the provisions regarding utilization and deposit of capital gain before filing the return of income. The Tribunal relied on a decision of the Bombay High Court, emphasizing that if the amount is utilized before the last day of filing the return of income under section 139, the provisions of section 54(2) would not apply. The Tribunal found that the entire capital gain had not been utilized for constructing a new house or deposited in the specified account before filing the return of income. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376363