https://www.taxtmi.com/caselaws?id=776178 The ITAT Lucknow upheld the addition made by the AO and confirmed by the CIT(A), denying exemption under section 54. The assessee failed to deposit the net consideration from the transfer of the original asset into a capital gains account or invest in a new residential property before the due date for filing the return under section 139(1). The transfer of funds to and from a firm indicated that the capital gain amount was not preserved in a savings account or capital gains account as required. Consequently, the capital gains could not be treated as exempt, and the claim for exemption was rejected. The decision was against the assessee. en-us Fri, 03 Jan 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776178 The ITAT Lucknow upheld the addition made by the AO and confirmed by the CIT(A), denying exemption under section 54. The assessee failed to deposit the net consideration from the transfer of the original asset into a capital gains account or invest in a new residential property before the due date for filing the return under section 139(1). The transfer of funds to and from a firm indicated that the capital gain amount was not preserved in a savings account or capital gains account as required. Consequently, the capital gains could not be treated as exempt, and the claim for exemption was rejected. The decision was against the assessee. Case-Laws Income Tax Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776178