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Deposit in capital gain a/c scheme isn’t a mandatory condition to claim sec. 54 relief: Madras HC

November 12, 2019[2019] 111 180 (Madras)/[2020] 268 Taxman 111 (Madras)/[2019] 419 ITR 298 (Madras)

INCOME TAX: Where assessee was in a position to satisfy that amount for which deduction was sought for under section 54 was utilised either for purchasing or constructing residential house in India within time prescribed under section 54(1), assessee could not be denied benefit of section 54 for mere non-compliance of a procedural requirement under section 54(2)
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