Section 54b

Assesses had CG income from sale of urban agriculture land for the AY 2014-15. he had filed his income tax return after due date u/s 139(1) & claimed exemption u/s 54B in his income tax return. but sale proceed received on such land did not deposit in specified bank account. please advice Can Dept allowed his claimed under section 54B or not? if not then what remedy available to the assesses for escape penal provision in the income tax.