Held that once the assessee has reinvested sale consideration from transfer of property for acquiring another capital asset, the whole of capital gains is exempt u/s 11(IA) of the Act. For claiming exemption of accumulation of income the requisite form has to be filed before completion of assessment. On the facts the Form No.10 was filed before the CIT(A), matter remanded to the file of the Assessing Officer. (AY. 2015-16)
Ceylon Pentecostal Mission v. ACIT (2021) 214 TTJ 651/ 91 ITR 54 (SN)/ 207 DTR 249 (Chenai)(Trib.)
S. 11 : Property held for charitable purposes-Capital gains-Reinvestment of sale consideration for acquiring another capital asset-Exemption is allowable-Accumulation of income-Requisite form 10 to be filed before completion of assessment-Form 10 filed before the CIT(A) matter remanded to the Assessing Officer. [S. 11(1A), 11(2), Form No. 10.]