https://www.taxtmi.com/caselaws?id=241056 The High Court dismissed the appeal, emphasizing that for the purpose of computing capital gains under Section 50C of the Income Tax Act, land and building must be considered jointly when transferred together. The Court rejected the argument for separate valuations of land and building, stating that sub-section (1) of Section 50C must be applied independently without considering sub-sections (2) and (3). The judgment underscores the need to interpret the Act in accordance with its provisions, leading to the dismissal of the appeal due to the application of Section 50C(1) in its entirety. en-us Fri, 25 Oct 2013 00:00:00 +0530 Mon, 16 Dec 2013 16:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241056 The High Court dismissed the appeal, emphasizing that for the purpose of computing capital gains under Section 50C of the Income Tax Act, land and building must be considered jointly when transferred together. The Court rejected the argument for separate valuations of land and building, stating that sub-section (1) of Section 50C must be applied independently without considering sub-sections (2) and (3). The judgment underscores the need to interpret the Act in accordance with its provisions, leading to the dismissal of the appeal due to the application of Section 50C(1) in its entirety. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241056