Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a business asset despite inconsistent depreciation claims, with its written down value as of 31.03.2003 (Rs. 33,02,106) to be reduced from the sale consideration (Rs. 1,45,00,000). Although classified as a short-term capital gain, the asset retains its long-term capital asset status, with tax rates applied under section 112. The tribunal allowed set-off of brought-forward long-term capital loss against the short-term capital gain, ultimately dismissing the assessee's primary contention.
ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a business asset despite inconsistent depreciation claims, with its written down value as of 31.03.2003 (Rs. 33,02,106) to be reduced from the sale consideration (Rs. 1,45,00,000). Although classified as a short-term capital gain, the asset retains its long-term capital asset status, with tax rates applied under section 112. The tribunal allowed set-off of brought-forward long-term capital loss against the short-term capital gain, ultimately dismissing the assessee's primary contention.
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