1983 (9) TMI 175 - AT - Income Tax

Summary

The appeal was for the assessment year 1980-81 regarding capital gains on the transfer of a capital asset. The Income-tax Authorities denied the benefit of s. 54E to the assessee due to a late investment. The Tribunal held that the six-month period for investment should be computed from the date of taking possession of the land, not the date of the award. As there was no evidence of possession being taken before 26th November, 1979, the assessee was entitled to the benefits of s. 54-E. The appeal was allowed, and the assessee was not charged with capital gains.