Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area.

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..... nery or plant or building or land or any rights in building or land used for the business of an industrial undertaking situated in an urban area, effected in the case of shifting of an industrial undertaking situated in an urban area (original asset) to any non-urban area (new area); and (b) within one year before or three years after the date of such transfer,- (i) purchased new machinery or .....

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..... than the capital gain, no capital gain shall be charged under section 67; (B) for computing any capital gain arising from transfer of the new asset within three years of its being purchased, acquired, constructed or transferred, the cost shall be nil in case of clause (a) or shall be reduced by the amount of the capital gain in case of clause (b). (2) If the capital gain is not used by the asse .....

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..... new asset. (4) If the amount deposited under sub-section (2) is not wholly or partly utilised for the new asset within the period specified in sub-section (1), then,- (a) the unutilised amount shall be charged under section 67 as the income of the tax year in which the period of three years from the date of the transfer of the original asset expires; and (b) the assessee shall be entitled to .....

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