Sum remaining in capital gains a/c scheme after purchase of new asset was taxable as per provision of sec. 54F: HC

INCOME TAX: When assessee, pursuant to sale of capital assets, deposits a part of amount in capital gain account scheme, in such a case, in view of clauses (a) and (b) of proviso to section 54F(4), unutilised capital gain amount has to be charged to tax under section 45 as income of previous year, after expiry of three years from date of sale of capital asset

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