Case Law Details
Case Name : Income-tax Officer, Wd. 21(1)(1), Mumbai Vs Mrs. Chetana H. Trivedi (ITAT Mumbai)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Mumbai
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IN THE ITAT MUMBAI BENCH ‘C’
Income-tax Officer, Wd. 21(1)(1), Mumbai
V/s.
Mrs. Chetana H. Trivedi
I T APPEAL NO. 5037(MUM.) OF 2010
C.O. NO. 125 (MUM.) OF 2011
[ASSESSMENT YEAR 2005-06]
APRIL 11, 2012
ORDER<
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54EC. (1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,—
(a) if the cost of the long-term specified asset is not less than the capital gain arising from the transfer of the original asset, the whole of such capital gain shall not be charged under section 45;
(b) if the cost of the long-term specified asset is less than the capital gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45