https://www.taxtmi.com/caselaws?id=779006 ITAT CHENNAI allowed the appeal and upheld deduction under s.54. The Tribunal held that failure to deposit unutilized sale proceeds into CGAS before filing under s.139(1) is not fatal where the assessee invested the sale proceeds in a new asset within the three-year period from sale. The assessee had purchased an undivided land share and executed a construction agreement with payment acknowledged, thus qualifying for s.54 relief. en-us Fri, 19 Sep 2025 00:00:00 +0530 Mon, 06 Apr 2026 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779006 ITAT CHENNAI allowed the appeal and upheld deduction under s.54. The Tribunal held that failure to deposit unutilized sale proceeds into CGAS before filing under s.139(1) is not fatal where the assessee invested the sale proceeds in a new asset within the three-year period from sale. The assessee had purchased an undivided land share and executed a construction agreement with payment acknowledged, thus qualifying for s.54 relief. Case-Laws Income Tax Fri, 19 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779006