https://www.taxtmi.com/caselaws?id=447807 ITAT Jaipur allowed assessee's claim for deduction under section 54F despite AO's objection regarding non-deposit of unutilized amount in Capital Gain Account and absence of post-dated cheque details in agreement. The tribunal held that mere procedural lapses do not defeat the substantive purpose of investment in residential property. Citing legislative intent to encourage housing investments and relevant circulars, the bench ruled that actual payment of Rs. 28 lakhs toward property acquisition satisfied section 54F requirements. Completion of construction or sale deed execution are not mandatory conditions. The tribunal emphasized that capital gains were genuinely invested in residential property purchase, fulfilling the law's core objective regardless of technical documentation deficiencies. en-us Tue, 02 Jan 2024 00:00:00 +0530 Fri, 05 Jan 2024 08:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447807 ITAT Jaipur allowed assessee's claim for deduction under section 54F despite AO's objection regarding non-deposit of unutilized amount in Capital Gain Account and absence of post-dated cheque details in agreement. The tribunal held that mere procedural lapses do not defeat the substantive purpose of investment in residential property. Citing legislative intent to encourage housing investments and relevant circulars, the bench ruled that actual payment of Rs. 28 lakhs toward property acquisition satisfied section 54F requirements. Completion of construction or sale deed execution are not mandatory conditions. The tribunal emphasized that capital gains were genuinely invested in residential property purchase, fulfilling the law's core objective regardless of technical documentation deficiencies. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447807