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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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