https://www.taxtmi.com/caselaws?id=468636 Section 54 exemption on long-term capital gains cannot be denied merely because the balance sale consideration was not deposited in the specified account before filing the return, where the substantive conditions for relief are otherwise satisfied and the deposit requirement is treated as procedural. The Tribunal noted that the assessee claimed the remaining amount was paid within the prescribed period, so the truth of that factual assertion required verification. The matter was therefore remitted to the Assessing Officer to examine whether the balance payment was made within the stipulated time, with partial relief granted to the assessee. en-us Wed, 20 Sep 2023 00:00:00 +0530 Fri, 15 May 2026 11:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468636 Section 54 exemption on long-term capital gains cannot be denied merely because the balance sale consideration was not deposited in the specified account before filing the return, where the substantive conditions for relief are otherwise satisfied and the deposit requirement is treated as procedural. The Tribunal noted that the assessee claimed the remaining amount was paid within the prescribed period, so the truth of that factual assertion required verification. The matter was therefore remitted to the Assessing Officer to examine whether the balance payment was made within the stipulated time, with partial relief granted to the assessee. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468636