Thanks again for your kind interaction with this case.
I have also advised my uncle and others for payment of tax and interest but they are uneducated. They are not ready to pay this much amount. I have also warned them for the consequences they might face nearby future.
I have opened this forum bcoz of following:
There are judgments wherein similar questions were observed by Hon’ble Gauhati High Court
(in CIT v. Rajesh Kumar Jalan (2006)) and ITAT Bangalore (in Shri Nipun Mehrotra v. ACIT
(2008)), favored the assessee and allowed the exemption wherein the amount was not
deposited in capital gain account within the prescribed time limit. However, in similar
situation, Hon’ble ITAT Delhi (in Taran Birsingh Sahni (2006)) took the contrarily view and
disallowed the claim of the assessee.