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1996 (11) TMI 462 - ITAT MUMBAI
Extract:
.......₹ 1,70,50,000 received by the assessee has to be treated as long-term capital gain. Consequently, we direct the Assessing Officer to examine the assessee’s claim for exemption under section 54E of the Act and grant the exemption claimed if the necessary conditions have been satisfied. 45. In the result, the appeal stands partly allowed.