Section 54G exemption on Capital gain on sale of godown situated in an urban area and relocated to non-urban area

PCIT Vs Standard Fireworks (P) Ltd. (Madras High Court) Assessing Officer failed to take note of the vital factor namely that the property, which was sold by the assessee in Bangalore, was a ‘magazine’. Rule 2(31) of the Explosives Rules, 2008 defines the word ‘magazine‘ to mean a building or structure (other than an explosives manufacturing building) intended for storage of explosives, specially constructed in accordance with the specification provided under these Rules or expression ‘Chief Controller’ is defined under Rule 2(9) of the Explosives Rules, 20...