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Vide (2020] 15 ITR-OL 198 (Kar) if only a part of the amount deposited in the Capital Gains Account Scheme is utilised for the construction or purchase of a new asset within the specified time, Income-tax is chargeable on the unutilised amount.
This Court has further remarked that the assessee is entitled for withdrawal of the amount deposited under sub-section (4) of section 54F of the said Act subject to deduction of tax applicable.

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