The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under section 54F though the capital gain scheme account was not opened.The two-member bench of V. Durga Rao (Judicial Member) and G. Manjunatha (Accountant Member) has observed that even though the assessee has not invested the sale proceeds in Capital Gain Account Scheme, but complied with the...
