Capital gain reinvestment: assessment can be amended to exclude exempt gains when reinvestment in specified assets is timely.

The amendment permits the Income tax Officer to amend an assessment that charged a capital gain from a non short term asset where the assessee, within the specified six month period from transfer, invests or deposits in a specified asset under the reinvestment provision; the assessment is to be amended to exclude the portion of the gain not chargeable under that provision, and the general assessment amendment provisions apply with the four year limitation reckoned from the date of assessment.

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