KRISHNAMOORTHY VIJAYARAGHAVAN,CHENNAI vs. ITO, NCW-5(1), COIMBATORE

ITA 1976/CHNY/2025Status: DisposedITAT Chennai19 September 2025AY 2010-11Bench: SHRI GEORGE GEORGE K (Vice President), SHRI S.R. RAGHUNATHA (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the non-deposit of unutilized sale consideration in the capital gains account scheme before the due date of filing the return is not fatal and does not warrant denial of deduction under Section 54. The assessee had invested the sale proceeds within the stipulated period.

What were the facts?

The assessee sold an immovable property and failed to file a return of income. A notice under Section 148 was issued, and the assessee filed a return admitting capital gains. The AO denied the claim for deduction under Section 54 as the sale proceeds were not deposited in the capital gains account scheme before the due date.

What were the issues?

Whether the denial of deduction under Section 54 for failure to deposit sale proceeds in the capital gains account scheme before the due date is justified when the investment in a new asset was made within the prescribed period.

Which sections of the Income-tax Act were involved?

Section 148,Section 143(2),Section 142(1),Section 139(1),Section 54,Section 54(2),Section 50C,Section 54F

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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI

Before: SHRI GEORGE GEORGE KAND SHRI S.R. RAGHUNATHA

Hearing: 18.09.2025Pronounced: 19.09.2025

PER GEORGE GEORGE K, VICE PRESIDENT:

This appeal filed by the assessee is directed against the order of the Addl/JCIT(A), Nashik dated 31.03.2025, passed under section 250 of the Income Tax Act, 1961 (hereinafter called ‘the Act’). The relevant Assessment Year is 2010-11. :- 2 -:

2.

There is a delay of 45 days in filing this appeal. The assessee has filed a petition for condonation of delay and a

The order continues below.

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