FIBRE BOARDS (P) LTD. vs COMMISSIONER OF INCOME TAX

Authority: Supreme Court Date: 2015-11-11 AY: 1991-92 Section: 54G Acts: Income Tax Act 1961, General Clauses Act 1897 Result: Assessee Citation: 815Taxpundit 20 Justices: R.F. Nariman, J. Appeal No: CIVIL APPEAL NOS. 5525-5526 OF 2005
Whether the notification declaring Thane as an urban area under the repealed Section 280Y(d) enures to the benefit of the assessee for claiming exemption under Section 54G of the Income Tax Act, 1961 --- Held Yes. Whether advances made for purchase of land, plant and machinery constitute 'utilization' of capital gains under Section 54G(2) --- Held Yes.

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