AN ASSESSEE OWNED AN INDUSTRIAL UNDERTAKING SINCE 1995-96 ON HIGHWAY. THE SAME WAS ACQUIRED COMPULSORILY BY THE STATE GOVT. FOR ROAD WIDENING ON 01/06/2015 AT Rs.45 LACS CONSIDERATION AND TDS U/S 194LA WAS DEDUCTED.
THE ORIGINAL COST OF THE PROPERTY WAS Rs 50000 LAND AND Rs.150000 BUILDING, TOTALING TO Rs.200000.
THE ASSESSEE PURCHASED A NEW LAND ADJACENT TO THE OLD INDUSTRIAL UNDERTAKING LAND AND SHIFTED HIS BUSINESS TO THE NEW LAND COSTING Rs.70 LAKHS IN TOTAL AND THE SAME WAS READY TO USE ON 30/04/2015, SINCE THERE WERE RUMORS OF ACQUISITION SINCE 2012 AND NOTIFICATION WAS ALSO PUBLISHED TO THAT EFFECT BY THE GOVT.
KINDLY GUIDE WHETHER THE ASSESSEE CAN ENJOY EXEMPTION IN RESPECT OF THE NEWLY ACQUIRED LAND AND BUILDING FOR INDUSTRIAL PURPOSE UNDER SECTION 54D OF THE INCOME TAX ACT,1961.
THANKS IN ADVACNE.
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