Utilising specific Money deposited in Capital Gain Account Scheme towards New Investment is not Mandated under Income Tax Act: ITAT [Read Order]
The Bench found that the lower authorities had considered the dates of the construction agreement as the relevant dates to examine the claim of the assessee overlooking the fact that the construction agreement had stipulations that the construction would be completed in 18 months from the date when the builder gets approval.
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that utilising specific money deposited in a capital gain account scheme towards new investment is not mandated under the Income Tax Act,1961. There is no requirement that specific money as deposited in a capital gain account scheme should be utilized towards new…
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