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Case Law Details

Case Name : Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2012-13
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Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad)

Section 54B(2) of the Act enjoins that the capital gain is required to be utilized by the assessee towards purchase of new asset before furnishing of return of income under s.139 of the Act. Alternatively, in the event of non-utilization of capital gains towards purchase of new asset, the assessee is required to deposit the capital gain in specified bank account before the due date of filing of return of income under s. 139(1) of the Act. Thus, a distinction has been drawn in t

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