https://www.taxtmi.com/caselaws?id=756784 ITAT Rajkot allowed the appeal regarding denial of deduction under section 54G. The assessee shifted industrial undertaking from urban to rural area and invested Rs. 1.22 crores in a partnership firm for construction and machinery purchase. The revenue contended investment was made by the firm, not the assessee. ITAT held that partnership property belongs to partners proportionately, and section 54G doesn't require assets to be acquired in assessee's name. Since the assessee satisfied all conditions including shifting undertaking, transferring plant machinery, and making requisite investment within prescribed timeframe, exemption under section 54G was granted. Addition made by assessing officer was deleted. en-us Tue, 06 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756784 ITAT Rajkot allowed the appeal regarding denial of deduction under section 54G. The assessee shifted industrial undertaking from urban to rural area and invested Rs. 1.22 crores in a partnership firm for construction and machinery purchase. The revenue contended investment was made by the firm, not the assessee. ITAT held that partnership property belongs to partners proportionately, and section 54G doesn't require assets to be acquired in assessee's name. Since the assessee satisfied all conditions including shifting undertaking, transferring plant machinery, and making requisite investment within prescribed timeframe, exemption under section 54G was granted. Addition made by assessing officer was deleted. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756784