SLP dismissed against High court ruling that sale of Magazine is eligible for sec. 54G deduction

INCOME TAX : SLP dismissed against High Court’s decision that where property sold by assessee was a magazine and as per scheme of Explosive Act, 1884 a ‘magazine’ would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking, assessee was eligible to claim deduction under section 54G on sale of godown in an urban areaINCOME TAX : SLP dismissed against High Court’s decision that where property sold by assessee was a magazine and as per scheme of Explosive Act, 1884 a ‘magazine’ would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking, assessee was eligible to claim deduction under section 54G on sale of godown in an urban areawww.taxmann.com Latest Case LawsRead More

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