Short Overview: Where assessee failed to deposit unutilized amount of capital gains in capital gains scheme account by the date of filing of return of income, the assessee would not be entitled to the claim of deduction under section 54F.

Assessee claimed deduction under section 54F on account of investment made in a specified bank/institution. Revenue rejected the said claim of deduction alleging that the assessee did not deposit unutilized amount of capital gains in capital gains scheme account by the due date of filing return of income.

It is held that since assessee failed to deposit unutilized amount of capital gains in capital gains scheme account by the date of filing of return of income, the assessee would not be entitled to the claim of deduction under section 54F.

Decision: Against the assessee