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2009 (7) TMI 118 - HC - Income TaxCapital Gains - Tribunal hold that the capital gain arising from the transfer of shares, which was chargeable to tax in the assessment year 1990-91, but which, in view of the provisions of section 54F of the Act became liable to be taxed in assessment year 1993-94 should be computed in accordance with law applicable to the assessment year 1993-94 – held that - From a plain reading of section 54F of the Act we are of the considered opinion that the amount of capital gains which has not been utilised under section 54F has to be charged under section 45 as income of the previous year, after the expiry of three years from the date of sale of the asset which in the present case is for the assessment year 1993-94 – decided in favour of the Revenue and against the assessee
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