TaxTMI 
TaxTMI 
Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone
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....ned in section 54G, where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or land used for the purposes of the business of an industrial undertaking situate in an urban area, effected in the course of, or in consequence of the shifting of such industrial undertaking to any Special Economic Zone, whether developed ....
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....r in which the transfer took place, it shall, subject to the provisions of sub-section (2), be dealt with in accordance with the following provisions of this section, that is to say,- (i) if the amount of the capital gain is greater than the cost and expenses incurred in relation to all or any of the purposes mentioned in clauses (a) to (d) (such cost and expenses being hereafter in this section....
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.... cost shall be reduced by the amount of the capital gain. Explanation.-In this sub-section,- (a) "Special Economic Zone" shall have the meaning assigned to it in clause (za) 2[of section 2] of the Special Economic Zones Act, 2005; (b) "urban area" means any such area within the limits of a municipal corporation or municipality as the Central Government may, having regard to the population, co....
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....he return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assesse....