https://www.taxtmi.com/caselaws?id=63504 A lease deed covering an industrial unit as a whole may be treated as a package lease of land, building, and plant and machinery where the surrounding circumstances support that construction and the contrary position is not shown by cogent material. Such a lease of capital assets can amount to a transfer for capital gains purposes because it involves parting with the right to enjoy the property during the lease term. The receipt is therefore chargeable under the capital gains provisions, but section 50 cannot be applied across the board where land is involved and the transferred asset is not wholly depreciable; the gain must be recomputed on the correct legal footing. en-us Fri, 28 Sep 2001 00:00:00 +0530 Sat, 26 Sep 2015 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63504 A lease deed covering an industrial unit as a whole may be treated as a package lease of land, building, and plant and machinery where the surrounding circumstances support that construction and the contrary position is not shown by cogent material. Such a lease of capital assets can amount to a transfer for capital gains purposes because it involves parting with the right to enjoy the property during the lease term. The receipt is therefore chargeable under the capital gains provisions, but section 50 cannot be applied across the board where land is involved and the transferred asset is not wholly depreciable; the gain must be recomputed on the correct legal footing. Case-Laws Income Tax Fri, 28 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63504