2022 (9) TMI 1371

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.... by the Commissioner of Income Tax(Appeals)-3, Ahmedabad in short referred to as "ld.CIT(A))" under section 250(6) of the Income Tax Act, 1961 ("the Act" for short), 4.10.2018 pertaining to Asst.Year 2013-14. 2. Sole issue raised in the appeal relates to disallowance of deduction under section 54/54F of the Act on account of investment in property amounting to Rs.37,41,054/-. 3. The AO, we find,....

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....tal gain in the Capital Gain account Scheme in Bank before the due date of filing return of income. He further noted that the assessee made payments for new residential house in the period 30-12-2009 to 09-03-2013.He accordingly held that since the assessee had claimed deduction on account of investment in property purchased during the year but had failed to follow the terms and conditions in law ....

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....on u/s 54 of the Act, is not depositing the capital gain earned in the capital gain account scheme of the Bank as required by law before the due date of filing return of income of A.Y 2011-12 ,in which the deduction was claimed. For this violation the claim of deduction in the said year itself, i.e A.Y 2011-12, should have been denied. Merely because the assessee files his return for that year bel....