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1986 (7) TMI 172 - ITAT DELHI-BExtract: ....... section 54E, if it had employed/invested the net consideration of sale in National Rural Development Bonds as per requirements of clause (b) of Explanation 1 to section 54E(1) and that since that was not done by the assessee, the exemption was rightly denied by the Commissioner (Appeals). 8. In conclusion, the appeal fails and is hereby dismissed.
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