M/S FIBRE BOARDS (P) LTD BANGALOARE vs. CIT BANGALORE

capital gain shall be exempt to the extent such gain has been utilized for the aforesaid purposes. Explanation to sub-section (1) defines “urban area” on the lines of the definition in section 280Y.” 11. The relevant part of the memorandum explaining the provisions in the Finance Bill, 1987 reads as under: “34

COMMNR.,CENTRAL EXCISE & CUSTOMS, KERALA vs. M/S. LARSEN & TOUBRO LTD

Appeals are disposed of

34 Page 35 JUDGMENT (at para 6) 23. To similar effect is this Court’s judgment in CIT v. B.C. Srinivasa Setty, (1981) 2 SCC 460, held:- “Section 45 charges the profits or gains arising from the transfer of a capital