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Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases

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..... ransfer by way of compulsory acquisition under any law of a capital asset, being land or building or any right in land or building, forming part of an industrial undertaking belonging to the assessee which, in the two years immediately preceding the date on which the transfer took place, was being used by the assessee for the purposes of the business of the said undertaking 4 [ (hereafter in thi .....

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..... e new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be nil ; or ( ii ) if the .....

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..... ction (1) of section 139 ] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for .....

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..... . 1-4-1974. 2. Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974. 3. Substituted for Where the capital gain arises by the Finance Act, 1987, w.e.f. 1-4-1988. 4. Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974. 5. Substituted by the Finance Act, 1987, w.e.f. 1-4-1988. Prior to substitution sub-section (2) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974. 6. .....

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