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2019 (3) TMI 1151 - AT - Income TaxClaim of deduction u/s 54G - shifting of unit from urban to rural area - assessee’s industrial unit was not located in a notified `urban area’ as per the provisions of section 54G - HELD THAT:- Section 54G of the I.T.Act allows exemption of capital gains on transfer of assets in case of shifting the industrial undertaking from urban area. None of the places in Kerala State have been notified as an urban area under Explanation 2 to section 54G(1) of the Central Government. Hence, the deduction claimed by the assessee u/s 54G of the I.T.Act was rightly disallowed by the A.O. and the same was confirmed by the CIT(A). Hence, we see no reason to interfere with the order of the CIT(A) and we affirm the same. - Decided against assessee.
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