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TMI Blog2019 (3) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the law and facts of the case. 2. The Ld. CIT (A) erred in confirming the order of the assessing officer assessing the long term capital gains of ₹ 4,76,17,672/-. 3. The CIT (Appeals) ought to have allowed the deduction claimed by the appellant under section 54 G of the Act to the tune of ₹ 4,45,00,000/-. 4. The CIT (Appeals) ought to have noted that the appellant indu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Honourable Tribunal may be pleased to set aside the order dated 14-12-2017 in Appeal No: ITA No. 272/E/CIT (A)-1/16-17 passed by the Ld. Commissioner of Income Tax (Appeals)-I, Kochi for the A Y 2013-14 and render justice. 3. The brief facts of the case are as follows: The assessee is a company running an industrial undertaking engaged in the business of production of wheat products. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 54G of the I.T.Act, the assessee preferred appeal to the first appellate authority. The CIT(A) confirmed the view taken by the Assessing Officer. 5. Aggrieved by the order of the CIT(A), the assessee has filed the present appeal before the Tribunal. The learned Counsel for the assessee reiterated the submissions made before the Income-tax Authorities. The learned Departmental Representative, on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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