https://www.taxtmi.com/caselaws?id=176099 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the computation of capital gain under section 50C of the IT Act. It held that the capital gain should be treated as long term if the asset was held for more than three years, contrary to the authorities below. Additionally, the Tribunal allowed the claim for bad debt as a business loss, considering the debt had been written off and previously accounted for. The Tribunal directed the Assessing Officer to compute the capital gain and apply the appropriate tax rate, while allowing the bad debt claim as a business loss. en-us Tue, 17 Sep 2013 00:00:00 +0530 Tue, 15 Nov 2016 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176099 The Tribunal partly allowed the appeal, ruling in favor of the assessee on the computation of capital gain under section 50C of the IT Act. It held that the capital gain should be treated as long term if the asset was held for more than three years, contrary to the authorities below. Additionally, the Tribunal allowed the claim for bad debt as a business loss, considering the debt had been written off and previously accounted for. The Tribunal directed the Assessing Officer to compute the capital gain and apply the appropriate tax rate, while allowing the bad debt claim as a business loss. Case-Laws Income Tax Tue, 17 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176099