Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or both

Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or both https://www.taxtmi.com/article/detailed?id=1276 Section 50 modifies cost of acquisition while section 50C deems full value of consideration by reference to stamp duty valuation; the two deeming fictions operate in different fields and section 50C applies to depreciable immovable assets (land or building) so that when the block of assets ceases to exist the short term capital gain consequences under section 50 may arise alongside application of section 50C. en-us Mon, 02 May 2011 18:28:15 +0530 Mon, 02 May 2011 20:13:05 +0530 TaxTMI RSS Generator Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or both https://www.taxtmi.com/article/detailed?id=1276 Section 50 modifies cost of acquisition while section 50C deems full value of consideration by reference to stamp duty valuation; the two deeming fictions operate in different fields and section 50C applies to depreciable immovable assets (land or building) so that when the block of assets ceases to exist the short term capital gain consequences under section 50 may arise alongside application of section 50C. Articles Income Tax Mon, 02 May 2011 18:28:15 +0530 https://www.taxtmi.com/article/detailed?id=1276