https://www.taxtmi.com/caselaws?id=798035 Section 11(1A) permits a charitable trust to claim capital-gains exemption where sale consideration from a trust-held capital asset is used to acquire another capital asset. Investment of the entire proceeds in a bank fixed deposit for at least six months qualifies as such utilisation; a two-year deposit therefore satisfies the condition. Revision under Section 264 can correct a bona fide omission in a return that causes overassessment, rather than being limited to mistakes by tax authorities. Compliance issues under the Gujarat Public Trust Act or doubts about charitable activity do not displace this standalone exemption where the trust has valid registration and disclosed all material facts. Excess tax is refundable with applicable interest. en-us Tue, 25 Aug 2026 00:00:00 +0530 Tue, 01 Sep 2026 08:26:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798035 Section 11(1A) permits a charitable trust to claim capital-gains exemption where sale consideration from a trust-held capital asset is used to acquire another capital asset. Investment of the entire proceeds in a bank fixed deposit for at least six months qualifies as such utilisation; a two-year deposit therefore satisfies the condition. Revision under Section 264 can correct a bona fide omission in a return that causes overassessment, rather than being limited to mistakes by tax authorities. Compliance issues under the Gujarat Public Trust Act or doubts about charitable activity do not displace this standalone exemption where the trust has valid registration and disclosed all material facts. Excess tax is refundable with applicable interest. Case-Laws Income Tax Tue, 25 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798035