Exemption for capital gains on industrial relocation requires reinvestment or deposit under a notified scheme to defer tax. Exemption applies when capital assets of an industrial undertaking are transferred due to shifting from an urban to a non-urban area and the assessee reinvests the gain by purchasing new plant or machinery, acquiring or constructing premises, shifting the establishment, or incurring scheme-specified expenses within the prescribed period; unutilised amounts must be deposited under a notified scheme before return filing and unutilised deposits are charged as income when the utilisation period expires.