Capital gain exemption available as advance paid for purchase of assets amounts to utilization of capital gain amount

Fibre Boards (P) Ltd. Vs CIT (Supreme Court of India) Supreme Court held that advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilization of the capital gains for the purpose of purchasing and/or acquiring the aforesaid assets and accordingly capital gain exemption available. Facts- With a view to shift its industrial undertaking from an urban area to a non-urban area at Kurukumbh Village, Pune District, Maharashtra, it sold its land, building and plant and machinery situated at Majiwada, Thane to Shree Vardhman Trust for a consideration of ...