Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area.

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....sset, being machinery or plant or building or land or any rights in building or land used for the business of an industrial undertaking situated in an urban area, effected in the case of shifting of an industrial undertaking situated in an urban area (original asset) to any area [other than an urban area (new area)]; and (b) within one year before or three years after the date of such transfer,-....

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....ction 67 as the income of the tax year; or (II) is equal to or more than the capital gain, no capital gain shall be charged under section 67; and (B) for computing any capital gain arising from transfer of the new asset within three years of its being purchased, acquired, constructed or transferred, the cost shall be nil in case of sub-clause(A)(II) or shall be reduced by the amount of the cap....

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....ount under sub-section (2) shall be deemed to be the cost of the new asset. (4) If the amount deposited under sub-section (2) is not wholly or partly utilised for the new asset within the period specified in sub-section (1), then,- (a) the unutilised amount shall be charged under section 67 as the income of the tax year in which the period of three years from the date of the transfer of the ori....