https://www.taxtmi.com/caselaws?id=760961 The ITAT held that unutilized amount of Rs. 1 crore withdrawn from CGAS account cannot be taxed in the year of withdrawal but must be brought to tax only in the year when the three-year period from original asset transfer expires. The assessee transferred capital asset and claimed Section 54F exemption by depositing proceeds in CGAS. Since the three-year period expired in AY 2019-20, the withdrawn amount could only be taxed in that year, not in the year under consideration. The lower authorities' decision to tax the amount as LTCG under Section 45 in the current year was incorrect. Appeal decided in favor of assessee. en-us Mon, 21 Oct 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760961 The ITAT held that unutilized amount of Rs. 1 crore withdrawn from CGAS account cannot be taxed in the year of withdrawal but must be brought to tax only in the year when the three-year period from original asset transfer expires. The assessee transferred capital asset and claimed Section 54F exemption by depositing proceeds in CGAS. Since the three-year period expired in AY 2019-20, the withdrawn amount could only be taxed in that year, not in the year under consideration. The lower authorities' decision to tax the amount as LTCG under Section 45 in the current year was incorrect. Appeal decided in favor of assessee. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760961