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2010 (11) TMI 669 - HC - Income TaxSale of Agriculture Land and claim exemption u/s 54B in AY 91-92 but assessees did not purchase agricultural land within 2 yrs utilising the capital gain.Therefore, they became liable to pay tax on such CG u/s 54B(2)(i) for AY 93-94. This position was conceded by all assessees in the returns filed by each of them for AY 93-94. However, for payment of tax on CG for AY 93-94, the assessees computed CG on same transaction by applying amended provisions of section 48 which provides for deduction of the indexed COA & indexed COI in the computation of LTCG. This method of computation of CG came into force only from April 1, 1993 and onwards. Held that:- recomputation of capital gain based on the amended provisions does not arise at all. Since computation or recomputation of capital gain was not required, and the capital gain deposited by the assessees was not utilised by them for purchase of agricultural land. decided against Assessee.
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