https://www.taxtmi.com/caselaws?id=752241 ITAT Mumbai held that assessee complied with section 54(2) requirements by depositing entire sale consideration in Capital Gains Scheme Account before due date and filing return within prescribed time. However, regarding the two-year purchase requirement, the tribunal found insufficient examination of whether the property purchased was ready-to-move-in or under-construction. The matter was remanded to AO for proper verification of property status and documentary evidence to determine section 54 exemption eligibility. Appeal allowed for statistical purposes. en-us Fri, 03 May 2024 00:00:00 +0530 Sat, 04 May 2024 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752241 ITAT Mumbai held that assessee complied with section 54(2) requirements by depositing entire sale consideration in Capital Gains Scheme Account before due date and filing return within prescribed time. However, regarding the two-year purchase requirement, the tribunal found insufficient examination of whether the property purchased was ready-to-move-in or under-construction. The matter was remanded to AO for proper verification of property status and documentary evidence to determine section 54 exemption eligibility. Appeal allowed for statistical purposes. Case-Laws Income Tax Fri, 03 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752241