https://www.taxtmi.com/caselaws?id=262565 The SC held that the appellant was entitled to exemption under Section 54G for capital gains from sale of industrial undertaking in Thane. The court ruled that notification declaring Thane as urban area in 1967 continued under Section 54G through Section 24 of General Clauses Act, despite omission of Section 280ZA. The HC erred in not considering the three-year window for asset acquisition and in interpreting "utilization" requirements. Advances paid toward purchase of new machinery, plant, land, and building constituted valid utilization of capital gains for exemption purposes. Appeal allowed in favor of assessee. en-us Tue, 11 Aug 2015 00:00:00 +0530 Mon, 14 Jul 2025 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262565 The SC held that the appellant was entitled to exemption under Section 54G for capital gains from sale of industrial undertaking in Thane. The court ruled that notification declaring Thane as urban area in 1967 continued under Section 54G through Section 24 of General Clauses Act, despite omission of Section 280ZA. The HC erred in not considering the three-year window for asset acquisition and in interpreting "utilization" requirements. Advances paid toward purchase of new machinery, plant, land, and building constituted valid utilization of capital gains for exemption purposes. Appeal allowed in favor of assessee. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262565