https://www.taxtmi.com/caselaws?id=243926 The Appellate Tribunal ITAT Ahmedabad ruled in a case concerning the treatment of capital gains from the sale of factory land and building. The Tribunal determined that the gain from the sale of factory land should be treated as long term capital gains, while the profit from the building and borewell should be considered short term gains. The Tribunal set aside the previous decisions and directed a recomputation of capital gains after a proper allocation of consideration for each asset. The judgment emphasized the importance of distinguishing between selling an entire business undertaking and selling individual assets. en-us Thu, 06 Feb 2014 00:00:00 +0530 Thu, 13 Feb 2014 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243926 The Appellate Tribunal ITAT Ahmedabad ruled in a case concerning the treatment of capital gains from the sale of factory land and building. The Tribunal determined that the gain from the sale of factory land should be treated as long term capital gains, while the profit from the building and borewell should be considered short term gains. The Tribunal set aside the previous decisions and directed a recomputation of capital gains after a proper allocation of consideration for each asset. The judgment emphasized the importance of distinguishing between selling an entire business undertaking and selling individual assets. Case-Laws Income Tax Thu, 06 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243926