https://www.taxtmi.com/caselaws?id=776907 ITAT allowed the taxpayer's appeal under Sec. 54F, holding that deposit of the sale proceeds in a CGAS account within the return-filing date, demonstrable intention and ultimate utilization for construction, and expenditure incurred within three years satisfied the statutory conditions. The tribunal found the CIT(A) erred in denying exemption, noting Sec. 54F should be interpreted liberally; accordingly the deduction in computing capital gains was permitted despite the purchase/construction dispute. en-us Wed, 08 Jan 2025 00:00:00 +0530 Thu, 21 Aug 2025 08:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776907 ITAT allowed the taxpayer's appeal under Sec. 54F, holding that deposit of the sale proceeds in a CGAS account within the return-filing date, demonstrable intention and ultimate utilization for construction, and expenditure incurred within three years satisfied the statutory conditions. The tribunal found the CIT(A) erred in denying exemption, noting Sec. 54F should be interpreted liberally; accordingly the deduction in computing capital gains was permitted despite the purchase/construction dispute. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776907