Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Sections 54, 54B, 54D: Faster assessments to aid timely reinvestment and capital gains relief.</h1> Sections 54, 54B, and 54D of the Income-tax Act, 1961, allow relief from capital gains tax if the sale proceeds of a capital asset are reinvested in a similar asset within a specified period. Taxpayers face challenges in deciding on these investments due to delays in receiving capital gains assessments from the Income-tax Officer. The Board has instructed that upon a specific request for expedited assessment, the Income-tax Officer should prioritize and complete the assessment promptly to facilitate timely investment decisions by taxpayers.
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