Section 54G

Section 24 of General Clause Act, 1897- Applicable even when Repeal is by Implication: SC

Income Tax - M/s. Fibre Boards (P) Ltd. Bangalore Vs. CIT (Supreme Court), Civil Appeal Nos. 5525-5526 of 2005,  Dated- 11th August 2015 BACKGROUND Prior to 01.04.1988 Section 280ZA of the Income Tax Act, 1961 (‘Act’) provided that any company owning an industrial undertaking situated in an urban area, is entitled for a tax credit certificate wit...

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Capital gain exemption under section 54G of Income Tax Act, 1961

Income Tax - Section 54G of the Income Tax Act provides exemption towards capital gain arisen on the transfer of capital assets like plant or machinery or land or building which is forming part of an industrial undertaking being situated in an urban area. Such transfer should be on account of shifting of industrial undertaking from the urban […...

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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) - Where capital gain arising from transfer of capital asset, being machinery or plant or land or building used for the purposes of business of an industrial undertaking situated in an urban area effected in the course of or in consequence of the shifting of such industrial undertaking to any area othe...

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Recent Posts in "Section 54G"

Section 24 of General Clause Act, 1897- Applicable even when Repeal is by Implication: SC

M/s. Fibre Boards (P) Ltd. Bangalore Vs. CIT (Supreme Court), Civil Appeal Nos. 5525-5526 of 2005,  Dated- 11th August 2015 BACKGROUND Prior to 01.04.1988 Section 280ZA of the Income Tax Act, 1961 (‘Act’) provided that any company owning an industrial undertaking situated in an urban area, is entitled for a tax credit certificate wit...

Read More
Posted Under: Income Tax |

Capital gain exemption under section 54G of Income Tax Act, 1961

Section 54G of the Income Tax Act provides exemption towards capital gain arisen on the transfer of capital assets like plant or machinery or land or building which is forming part of an industrial undertaking being situated in an urban area. Such transfer should be on account of shifting of industrial undertaking from the urban […...

Read More
Posted Under: Income Tax |

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)

Where capital gain arising from transfer of capital asset, being machinery or plant or land or building used for the purposes of business of an industrial undertaking situated in an urban area effected in the course of or in consequence of the shifting of such industrial undertaking to any area other than an urban area, assessee was entit...

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