https://www.taxtmi.com/caselaws?id=205791 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal. It held that Section 50 does not apply to land, and the land and building should be treated as separate assets for the purposes of capital gains computation. The Tribunal also revised the allocation of the sale consideration, resulting in a short-term capital gain for the building and equipment and a long-term capital loss for the land. en-us Tue, 31 Aug 2010 00:00:00 +0530 Sat, 06 Aug 2011 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205791 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's appeal. It held that Section 50 does not apply to land, and the land and building should be treated as separate assets for the purposes of capital gains computation. The Tribunal also revised the allocation of the sale consideration, resulting in a short-term capital gain for the building and equipment and a long-term capital loss for the land. Case-Laws Income Tax Tue, 31 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205791