Sec. 54 exemption can’t be denied merely because there was delay in deposit of sum in capital gain scheme : ITAT

Where assessee invested entire amount of sale consideration of a residential house towards construction of a new house well within stipulated time period of three years from date of sale in compliance with section 54(1), he could not be denied benefit of exemption under section 54 merely because he deposited said amount in capital gain account with a delay of 31 days : ITAT