Homebuyer denied Rs 10 lakh capital gain tax exemption by Income Tax dept for not depositing unutilised land sale gains in CGAS on time, he wins case in ITAT Chennai

A homebuyer successfully claimed a Rs 10 lakh capital gains tax exemption. The tax department had initially denied this benefit. The ITAT Chennai ruled in favour of the homebuyer, stating that non-deposit of unutilised sale proceeds in the Capital Gains Account Scheme before the ITR due date is not fatal.