Unutilized capital gain lying in capital gain a/c scheme beyond statutory period was liable to be taxed: ITAT

INCOME TAX : Where assessee had sold a flat and earned long-term capital gain which was deposited by him in capital gain account and out of this amount of capital gain assessee had invested a certain sum in new project within 36 months but could not utilize balance sum and Assessing Officer taxed said unutilized gain, though assessee had invested balance sum later, as he had not utilised capital gain amount lying in capital gain account scheme before specified date, said amount was liable to tax

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