Allowing the appeal of the asseessee,the High Court held that by virtue of Notification No. S.O. 3419 dated 22-9 1967, under section 280Y(d) of the Act dated 22-9-1967, Bengaluru Corporation was declared as Urban area. Hence, relying on the ratio laid down by the Apex Court in Fibre Boards (P.) Ltd. v. CIT (2015) 376 ITR 596 (SC)/ 10 SCC 533 Bengaluru continues to be an Urban area for the purpose of section 54G of the Act. (AY.1998-99)
Fabsun Engineering (P.) Ltd. v. ITO (2022) 291 Taxman 478 (Karn)(HC) Editorial: Section 280Y, omitted by the Finance Act, 1990, w.e.f 1-4-1990.
S. 54G : Capital gains-Shifting of industrial undertaking from urban area-Sale of an industrial plot in Bengaluru-Urban area-Entitle for the benefit.[S. 45 280Y(d)]