https://www.taxtmi.com/caselaws?id=769061 The ITAT Ahmedabad allowed the assessee's appeal regarding section 54F deduction claim. The assessee sold property on 10-05-2016 and reinvested entire sale consideration in residential flat on 17-05-2016 within seven days. Though the exemption claim was made during reassessment proceedings rather than original return, the tribunal held that section 54F does not mandate filing return within stipulated time as precondition for exemption. Since complete reinvestment occurred within seven days, depositing amount in CGAS account was unnecessary. The matter was restored to AO for verification and allowing claim per law. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 17 Apr 2025 13:23:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769061 The ITAT Ahmedabad allowed the assessee's appeal regarding section 54F deduction claim. The assessee sold property on 10-05-2016 and reinvested entire sale consideration in residential flat on 17-05-2016 within seven days. Though the exemption claim was made during reassessment proceedings rather than original return, the tribunal held that section 54F does not mandate filing return within stipulated time as precondition for exemption. Since complete reinvestment occurred within seven days, depositing amount in CGAS account was unnecessary. The matter was restored to AO for verification and allowing claim per law. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769061