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If net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then whole of capital gain is exempt
Case Law Details
- Case Name
- ACIT Vs Shri. Dwarikadhish Temple Trust (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Lucknow
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Tribunal has held that in case the income is to be computed as per sub-section (1A) of section 11 of the Act, if the net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then the whole of the capital gain is exempt. It was further contended that the ld. CIT(A) has adjudicated the issue in the light of the relevant provisions of the Act and also various judicial pronouncements. The relevant observations of the Tribunal are as under-
6.1 From the order of CIT(A), we find that the assessee is a charitable and religious trust registered...
