https://www.taxtmi.com/caselaws?id=9645 The court ruled in favor of the assessee in an appeal concerning the computation of capital gains on the sale of a property. The Assessing Officer classified the gains as short-term capital gains under section 50 of the Income-tax Act, but the Commissioner of Income-tax (Appeals) and the Tribunal disagreed, considering the sale consideration was primarily for the land, not the building. The court clarified that section 50 applies only to depreciable assets and does not encompass land. As the sale consideration was mainly for the land due to the planned demolition of the building, the appeal was dismissed. en-us Wed, 01 Feb 2006 00:00:00 +0530 Sun, 28 Jun 2009 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9645 The court ruled in favor of the assessee in an appeal concerning the computation of capital gains on the sale of a property. The Assessing Officer classified the gains as short-term capital gains under section 50 of the Income-tax Act, but the Commissioner of Income-tax (Appeals) and the Tribunal disagreed, considering the sale consideration was primarily for the land, not the building. The court clarified that section 50 applies only to depreciable assets and does not encompass land. As the sale consideration was mainly for the land due to the planned demolition of the building, the appeal was dismissed. Case-Laws Income Tax Wed, 01 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9645