1985 (10) TMI 124

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....ailable to the assessee under s. 54E of the IT Act, 1961. The assessee held certain shares which were sold by it during the accounting period under consideration for Rs. 79,881. A profit of Rs. 36,515 was earned on them. An investment in unit trust to the extent of Rs. 33,130 was made within six months of the aforesaid sale. On the basis of the aforesaid facts, the ITO worked out the exemption und....

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....quisition of units. The shares had been sold in between October, 1978 and December, 1978 and the unit trust was purchased in February, 1979 and Marc, 1979. The ITO, therefore, proceeded on the footing that the investment emanated out of the total sale consideration of Rs. 79,881. 3. The ld. AAC has confirmed to working given by the ITO more or less for the same reason. The assessee challenges t....