Capital gains exemption requires reopening assessments to exclude exempt gains when reinvestment conditions are satisfied. Where an assessment charges a capital gain later rendered exempt by reinvestment-either by purchase of replacement agricultural land within the specified ... Summary
Capital gains exemption requires reopening assessments to exclude exempt gains when reinvestment conditions are satisfied.
Where an assessment charges a capital gain later rendered exempt by reinvestment-either by purchase of replacement agricultural land within the specified period or by acquisition/construction for relocation or re-establishment of an industrial undertaking after compulsory acquisition-the assessing officer is required to amend the assessment to exclude the non-chargeable portion of the gain, and the normal amendment procedure and limitation reckoning of the procedural provision apply.
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