https://www.taxtmi.com/caselaws?id=410873 The ITAT allowed the appeal, ruling in favor of the assessee. It held that the assessee was entitled to the deduction under section 54F of the Income Tax Act, even though the return was not filed within the time prescribed under section 139(1). The addition made by the Assessing Officer and sustained by the CIT(A) was deleted, and the ITAT concluded that the assessee could claim the deduction as the amount was deposited in the capital gain account scheme and utilized for purchasing a house. en-us Fri, 23 Jul 2021 00:00:00 +0530 Thu, 12 Aug 2021 08:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410873 The ITAT allowed the appeal, ruling in favor of the assessee. It held that the assessee was entitled to the deduction under section 54F of the Income Tax Act, even though the return was not filed within the time prescribed under section 139(1). The addition made by the Assessing Officer and sustained by the CIT(A) was deleted, and the ITAT concluded that the assessee could claim the deduction as the amount was deposited in the capital gain account scheme and utilized for purchasing a house. Case-Laws Income Tax Fri, 23 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410873