https://www.taxtmi.com/caselaws?id=292292 The Tribunal dismissed the assessee's appeal, affirming the CIT(A) and AO's decisions to restrict the deduction under Section 54F of the Income Tax Act to the amount invested in the new property. The Tribunal referenced the Bombay HC's ruling in Humayun Suleman Merchant, supporting the limitation of deduction. Additionally, the Tribunal noted non-compliance with Section 54F(4) regarding the utilization of capital gains, as the assessee did not fully utilize the gains for construction or deposit them in notified accounts before filing the tax return. The Tribunal upheld the proportional computation of exemption, aligning with the Gauhati HC's interpretation. en-us Tue, 17 Mar 2020 00:00:00 +0530 Wed, 13 Nov 2024 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292292 The Tribunal dismissed the assessee's appeal, affirming the CIT(A) and AO's decisions to restrict the deduction under Section 54F of the Income Tax Act to the amount invested in the new property. The Tribunal referenced the Bombay HC's ruling in Humayun Suleman Merchant, supporting the limitation of deduction. Additionally, the Tribunal noted non-compliance with Section 54F(4) regarding the utilization of capital gains, as the assessee did not fully utilize the gains for construction or deposit them in notified accounts before filing the tax return. The Tribunal upheld the proportional computation of exemption, aligning with the Gauhati HC's interpretation. Case-Laws Income Tax Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292292