https://www.taxtmi.com/caselaws?id=468634 Deduction under section 54F could not be denied merely because the sale proceeds were not deposited in the Capital Gains Account Scheme where the assessee ultimately applied the consideration towards purchase of a new residential house within the statutory period. The tribunal treated the non-deposit as a procedural lapse and held that the substantive condition for exemption was satisfied by investment in the new house within the time allowed. On that basis, the section 54F deduction was allowable and the disallowance was unsustainable. en-us Thu, 25 Oct 2018 00:00:00 +0530 Fri, 15 May 2026 11:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468634 Deduction under section 54F could not be denied merely because the sale proceeds were not deposited in the Capital Gains Account Scheme where the assessee ultimately applied the consideration towards purchase of a new residential house within the statutory period. The tribunal treated the non-deposit as a procedural lapse and held that the substantive condition for exemption was satisfied by investment in the new house within the time allowed. On that basis, the section 54F deduction was allowable and the disallowance was unsustainable. Case-Laws Income Tax Thu, 25 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468634