Assessee-company sold its godown situated in an urban area and which had been relocated in a non-urban area, and claimed deduction . AO\u00a0 held that property sold by assessee was only a godown and used for storing fireworks and held that it could not be interpreted to mean an industrial undertaking. Accordingly the claim was disallowed .\u00a0 Tribunal allowed the claim of the assessee . On appeal High Court held that\u00a0 the AO failed to take note of vital factor, namely, that property which was sold by assessee was a magazine and as per scheme of Explosive Act, 1884, a magazine would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking and, thus, assessee was eligible deduction . ( AY. 2014 -15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54G : Capital gains – Shifting of industrial undertaking from urban area – Sale of magazine and as per scheme of Explosive Act, 1884 a magazine would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking- Eligible to claim deduction on sale of godown in an urban area.[ S.45, Explosive Act, 1884 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16106","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4bM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16106"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16106\/revisions"}],"predecessor-version":[{"id":16107,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16106\/revisions\/16107"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}