https://www.taxtmi.com/highlights?id=53939 Denial of claim under section 54G - assessee cannot be denied exemption under section 54G for the reason that plant and machinery has not been purchased. It is clear that for the assessment year in question all that is required for the assessee to avail of the exemption contained in the section is to 'utilize' the amount of capital gains for purchase and acquisition of new machinery or plant and building or land. - even an agreement to purchase is good enough. en-us Tue, 07 Jul 2020 12:36:14 +0530 Tue, 07 Jul 2020 12:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53939 Denial of claim under section 54G - assessee cannot be denied exemption under section 54G for the reason that plant and machinery has not been purchased. It is clear that for the assessment year in question all that is required for the assessee to avail of the exemption contained in the section is to 'utilize' the amount of capital gains for purchase and acquisition of new machinery or plant and building or land. - even an agreement to purchase is good enough. Highlights Income Tax Tue, 07 Jul 2020 12:36:14 +0530 https://www.taxtmi.com/highlights?id=53939