Capital gains exemption: payment may be deferred without penalty when sale proceeds are not yet received, enforcement follows receipt. Where capital gains are reported but not yet reinvested while the assessee intends to claim statutory exemption later, administrative guidance requires: if sale proceeds have been received the assessee should pay tax on normal time limits; if proceeds have not been received the assessing officer need not extend payment deadlines formally and should withhold penalty while non-receipt continues, but collection and penalty enforcement may proceed once proceeds are received.
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: payment may be deferred without penalty when sale proceeds are not yet received, enforcement follows receipt.
Where capital gains are reported but not yet reinvested while the assessee intends to claim statutory exemption later, administrative guidance requires: if sale proceeds have been received the assessee should pay tax on normal time limits; if proceeds have not been received the assessing officer need not extend payment deadlines formally and should withhold penalty while non-receipt continues, but collection and penalty enforcement may proceed once proceeds are received.
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