https://www.taxtmi.com/caselaws?id=13453 The court dismissed the appeal in a case challenging the disallowance of Rs. 10 lakhs in the computation of capital gain for the assessment year 1992-93. The court held that under section 54E of the Income-tax Act, the net consideration must be invested within the specified time for claiming exemption from capital gains. It emphasized that any diversion of the sale consideration would disqualify the assessee from exemption and clarified that advance income generated on investments cannot be considered as part of the net consideration for reinvestment. en-us Tue, 18 Jul 2006 00:00:00 +0530 Fri, 29 May 2009 10:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13453 The court dismissed the appeal in a case challenging the disallowance of Rs. 10 lakhs in the computation of capital gain for the assessment year 1992-93. The court held that under section 54E of the Income-tax Act, the net consideration must be invested within the specified time for claiming exemption from capital gains. It emphasized that any diversion of the sale consideration would disqualify the assessee from exemption and clarified that advance income generated on investments cannot be considered as part of the net consideration for reinvestment. Case-Laws Income Tax Tue, 18 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13453