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The assessee along with legal heirs received his share on sale of property made on 23rd December, 2011, but he received on the consideration on 16.01.2012. The assessee acquired a land for Rs. 59,95,000 on 05.03.2012 and constructed a residential property on the same within the time stipulated under Section 54F of the Act and claimed deduction under Section 54F in the return filed for assessment year 2012-13. The A.O restricted the exemptions to the expenses incurred till 31.07.2012, as the assessee failed to invest unutilized portion in Capital Gains Deposit Scheme. Aggrieved against the order of Ld. A.O., the assessee preferred an appeal before the CIT(A). The learned CIT(A) dismissed the appeal. Aggrieved against that order, the assessee filed this appeal before the Tribunal.

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Sec. 54F of Income Tax Act, 1961— Exemption —SHRI KASI VISWANATHAN RAMNATHAN vs. ITO.[2020] 25 ITCD Online 070 (ITAT-CHENNAI)