EXEMPTION U/S 54G

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....XEMPTION U/S 54G<br> Query (Issue) Started By: - gangadharan m.v Dated:- 9-6-2016 Income Tax<br>Income Tax<br>THE ASSESSEE AS INDIVIDUAL EARNED CAPITAL GAINS BY SALE OF HIS OLD INDUSTRIAL SHED AND REI....

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....NVESTED THE PROCEEDS IN NON URBAN AREA IN NEW PLANT AND MACHINERY IN A PARTNERSHIP FIRM IN WHICH HE IS A PARTNER.INFACT HE HAS RELOCATED HIS STRUCTURAL ENGINEERING BUSINESS TO THE PARTNERSHIP FIRM. HE....

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.... CLAIMED EXEMPTION OF CAPITAL GAINS U/S 54G. THE A O HOWEVER DIS ALLOWED THE STATING THAT THE REINVESTMENT SHOULD HAVE BEEN UNDER THE SAME P A N . HOWEVER READING SEC 54 G WHICH USES THE WORD UTILIZED....

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...., I FEEL A RESTRICTED INTERPRETATION IS .NOT JUSTIFIED PL GIVE YOUR VALUED OPINION<br> Discussion Forum - Knowledge Sharing ....