https://www.taxtmi.com/caselaws?id=314016 ITAT Chennai held that assessee was eligible for Section 54F exemption for LTCG despite not depositing unutilized amount in Capital Gains Accounts Scheme, provided construction of new residential house was completed within three years from asset transfer date. Following Karnataka HC precedent in K. Ramachandra Rao, failure to deposit unutilized consideration during interim period was not fatal to Section 54F claim if construction completed within stipulated timeframe. Matter remitted to AO for verification of quantum invested and completion timeline. Appeal allowed for statistical purposes. en-us Tue, 09 Jan 2018 00:00:00 +0530 Wed, 18 Dec 2024 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314016 ITAT Chennai held that assessee was eligible for Section 54F exemption for LTCG despite not depositing unutilized amount in Capital Gains Accounts Scheme, provided construction of new residential house was completed within three years from asset transfer date. Following Karnataka HC precedent in K. Ramachandra Rao, failure to deposit unutilized consideration during interim period was not fatal to Section 54F claim if construction completed within stipulated timeframe. Matter remitted to AO for verification of quantum invested and completion timeline. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 09 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314016