https://www.taxtmi.com/caselaws?id=390441 The appeal challenging the rejection of the writ petition concerning tax liability on unutilized capital gains under Section 54F of the Income Tax Act, 1961 was dismissed. The Court upheld the Single Judge's decision, allowing the appellant to withdraw the deposited amount subject to tax deductions. The Court emphasized that unutilized amounts deposited in the Capital Gain Account Scheme are taxable if not fully utilized for a new asset within the specified period, in accordance with Section 54F(4) of the Act. en-us Wed, 09 Oct 2019 00:00:00 +0530 Thu, 02 Jan 2020 18:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390441 The appeal challenging the rejection of the writ petition concerning tax liability on unutilized capital gains under Section 54F of the Income Tax Act, 1961 was dismissed. The Court upheld the Single Judge's decision, allowing the appellant to withdraw the deposited amount subject to tax deductions. The Court emphasized that unutilized amounts deposited in the Capital Gain Account Scheme are taxable if not fully utilized for a new asset within the specified period, in accordance with Section 54F(4) of the Act. Case-Laws Income Tax Wed, 09 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390441