https://www.taxtmi.com/caselaws?id=339026 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer and CIT(A) incorrectly treated long term capital gains as short term under Section 50 of the Income Tax Act. It was found that the factory building was not part of depreciable assets, invalidating the application of Section 50C. Consequently, the quantum addition was deleted, leading to the dismissal of the penalty under Section 271(1)(c). en-us Mon, 13 Feb 2017 00:00:00 +0530 Tue, 14 Feb 2017 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339026 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer and CIT(A) incorrectly treated long term capital gains as short term under Section 50 of the Income Tax Act. It was found that the factory building was not part of depreciable assets, invalidating the application of Section 50C. Consequently, the quantum addition was deleted, leading to the dismissal of the penalty under Section 271(1)(c). Case-Laws Income Tax Mon, 13 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339026