https://www.taxtmi.com/caselaws?id=791738 Section 54 exemption is available where capital gains are actually utilised to purchase a new residential house before filing the return, and the exemption is not denied merely because the unutilised balance was not deposited in the capital gains account scheme by the due date under section 139(1). The Tribunal distinguished precedent dealing with unutilised gains and treated actual pre-return utilisation as sufficient in principle under the statutory scheme. However, the factual payment record for the new property was not fully verified, so the matter was remanded to the Assessing Officer for limited verification of the payments and consequential allowance. en-us Wed, 22 Apr 2026 00:00:00 +0530 Sat, 16 May 2026 09:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791738 Section 54 exemption is available where capital gains are actually utilised to purchase a new residential house before filing the return, and the exemption is not denied merely because the unutilised balance was not deposited in the capital gains account scheme by the due date under section 139(1). The Tribunal distinguished precedent dealing with unutilised gains and treated actual pre-return utilisation as sufficient in principle under the statutory scheme. However, the factual payment record for the new property was not fully verified, so the matter was remanded to the Assessing Officer for limited verification of the payments and consequential allowance. Case-Laws Income Tax Wed, 22 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791738