https://www.taxtmi.com/caselaws?id=20412 The court ruled in favor of the Revenue, holding that investing in fixed deposits constitutes acquiring a new capital asset under section 11(1A) of the Income-tax Act, 1961. The court determined that depositing sale proceeds in a bank transforms the proceeds into a capital asset, as ownership passes to the bank. Additionally, the court found that the trust validly opted to invest the balance of capital gains in the subsequent year. The court did not address the use of funds post-maturity of the fixed deposit, leaving it for future assessment. en-us Wed, 25 Sep 1991 00:00:00 +0530 Fri, 13 Nov 2009 17:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20412 The court ruled in favor of the Revenue, holding that investing in fixed deposits constitutes acquiring a new capital asset under section 11(1A) of the Income-tax Act, 1961. The court determined that depositing sale proceeds in a bank transforms the proceeds into a capital asset, as ownership passes to the bank. Additionally, the court found that the trust validly opted to invest the balance of capital gains in the subsequent year. The court did not address the use of funds post-maturity of the fixed deposit, leaving it for future assessment. Case-Laws Income Tax Wed, 25 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20412