https://www.taxtmi.com/caselaws?id=778948 ITAT Chennai allowed restoration of the claim under section 54F, holding that failure to deposit unspent capital gains in the CGAS before filing under s.139(1) is not fatal. The bench directed the AO to verify whether the assessee actually utilized sale proceeds for construction within the three-year period; if so, deduction under s.54F must be granted. The decision follows the jurisdictional HC and other HC precedents and remands the matter to the AO to examine evidence of construction expenses and utilization within the statutory period. en-us Mon, 08 Sep 2025 00:00:00 +0530 Wed, 24 Sep 2025 10:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778948 ITAT Chennai allowed restoration of the claim under section 54F, holding that failure to deposit unspent capital gains in the CGAS before filing under s.139(1) is not fatal. The bench directed the AO to verify whether the assessee actually utilized sale proceeds for construction within the three-year period; if so, deduction under s.54F must be granted. The decision follows the jurisdictional HC and other HC precedents and remands the matter to the AO to examine evidence of construction expenses and utilization within the statutory period. Case-Laws Income Tax Mon, 08 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778948