Capital asset transfer rules broadened to include urban machinery, land and buildings and impose a five-year transfer condition. Amendment to section 280ZA redefines capital assets arising from transfers related to shifting an industrial undertaking from an urban area to include machinery, plant, buildings, lands and rights in them, and specifies expenditure categories for the shifted area: purchase of new machinery or plant, acquisition or construction of land or buildings, and costs of shifting machinery. It further provides that where such assets are transferred by the company within five years from purchase, acquisition or completion of construction, the transfer provision applies.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital asset transfer rules broadened to include urban machinery, land and buildings and impose a five-year transfer condition.
Amendment to section 280ZA redefines capital assets arising from transfers related to shifting an industrial undertaking from an urban area to include machinery, plant, buildings, lands and rights in them, and specifies expenditure categories for the shifted area: purchase of new machinery or plant, acquisition or construction of land or buildings, and costs of shifting machinery. It further provides that where such assets are transferred by the company within five years from purchase, acquisition or completion of construction, the transfer provision applies.
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