Interesting question. In general, you want to place caps close to the inductive loads you are compensating for, and avoid crossing transformers in order to avoid losses between the load and caps. But in the case of the transformer, your inductance is in both windings. The ideal solution is to place the caps on both sides in proportion to the inductive losses contributed by each winding. In practice, I think insulation levels and the associated cost difference will argue for the 480 caps.
Rbusara,
Assuming the 480 load is purely resistive, VAr flow from your low side caps flows back into the transformer, some of it crossing over the turns ratio to compensate for the high side winding. Have you really lowered the (I^2)*R losses in the transformer? You've reduced the VArs flowing in from the high side, but increased them on the low. Since the losses increase with the square of the current, high side resistance must be that much higher than the low side to come out even.