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2019 (3) TMI 639 - ITAT LUCKNOWDeduction claimed u/s 54G - Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area - the transfer of capital asset used for purpose of business undertaking is from a non-urban area to another non-urban area which does not fulfill the primary condition for eligibility of the exemption u/s 54G - HELD THAT:- In the case of the assessee in the year under consideration, the transfer of capital asset used for purpose of business undertaking is from a non-urban area to another non-urban area which does not fulfill the primary condition for eligibility of the exemption u/s 54G. The contention of Learned A. R. that shifting of premises was a continuous process which ended with the sale of land received as sale consideration has no force as the assessee had already availed exemption u/s 54G in the earlier year treating the land received as part of consideration as the investment in non-urban area and in the year under consideration the capital gain has arisen from sale of land in non-urban area. The learned CIT(A) has very categorically held that in the year under consideration the transfer of land was from a non-urban area to a non-urban area and therefore, section 54G was not applicable. The findings of learned CIT(A) are quite relevant - Decided against assessee.
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