https://www.taxtmi.com/caselaws?id=760965 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision and directing the AO to permit the deduction under section 54F of the Income Tax Act, 1961. The Tribunal found that the assessee complied with the statutory requirement by depositing the sale proceeds in a Capital Gains Deposit Account within the due date for filing the return. The Tribunal emphasized that the tax authorities erred by considering subsequent events beyond the stipulated timeline, underscoring the necessity of adhering to statutory provisions and timelines for deductions. en-us Tue, 22 Oct 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760965 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision and directing the AO to permit the deduction under section 54F of the Income Tax Act, 1961. The Tribunal found that the assessee complied with the statutory requirement by depositing the sale proceeds in a Capital Gains Deposit Account within the due date for filing the return. The Tribunal emphasized that the tax authorities erred by considering subsequent events beyond the stipulated timeline, underscoring the necessity of adhering to statutory provisions and timelines for deductions. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760965