Dismissing the appeal the Court held that the notification no inference could be drawn that it has any retrospective operation. The notification came into force on the date of its publication in the Official Gazette. Order of the Tribunal is affirmed. (AY.1998-99)
Fabsun Engineering Pvt. Ltd. v. ITO (2020) 429 ITR 540/ (2021) 277 Taxman 328 (Karn.)(HC)
S. 54G : Capital gains-Shifting of industrial undertaking from urban area-Notification in April 2006-Notification did not have retrospective effect-Not entitled to exemption.