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of <h1>Tax deferral when compulsory acquisition gains fund replacement industrial assets within three years; excess becomes taxable, unutilised funds scheme.</h1> Where capital gain arises from compulsory acquisition of land or building forming part of an industrial undertaking used in the preceding two years, tax on that gain is deferred if, within three years, the assessee purchases or constructs a new asset to re-establish or shift the undertaking. If the gain exceeds the cost of the new asset, the excess is taxable; if it is equal or less, the gain is not charged and reduces the new asset's cost for three years. Any unutilised portion must be deposited in a government-specified scheme before filing the return and, if not applied within three years, becomes taxable and may be withdrawn as permitted by the scheme.
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