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2011 (3) TMI 1064 - HC - Income TaxExemption under sections 11 & 12 - Whether the ITAT was correct in law in holding that the assessee was entitled to exemption under sections 11 & 12 despite the fact that it had not disinvested the investment upto 31-3-1993? - Held that:- As can be seen from the impugned order of the Tribunal extracted above, these shares were to be disinvested upto 31-3-1993 or within one year from the end of previous year in which they were acquired, whichever is later. Thus, shares could be disinvested by 31-3-1994. We are concerned here with the assessment year 1992-93 and therefore, the time allowable by the aforesaid provisions had not lapsed. It is clear from the above that the assessee had the time, as per the aforesaid provisions, for disinvestment of the said shares which were received during the Financial Year 1991-92, i.e. relevant assessment year 1992-93 (with which we are concerned, as this case relates to the assessment year 1992-93). The question could have arisen, if at all, in the assessment year 1993-94. Thus agree with the aforesaid view taken by the Tribunal answer the question in favour of the assessee.
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