https://www.taxtmi.com/caselaws?id=347002 The Tribunal condoned the delay in filing the appeal due to inadvertence and work pressure on the Chartered Accountant. Regarding the treatment of shop sales as short term capital gain, the Tribunal ruled in favor of the appellant, considering the shop as a long term capital asset despite being part of a block of assets. The absence of depreciation claims and the holding period supported this decision, emphasizing that section 50 aims to tax business assets with claimed depreciation benefits. The appeal was allowed, overturning the AO's classification of the shop as short term capital gain. en-us Wed, 23 Aug 2017 00:00:00 +0530 Sat, 26 Aug 2017 09:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347002 The Tribunal condoned the delay in filing the appeal due to inadvertence and work pressure on the Chartered Accountant. Regarding the treatment of shop sales as short term capital gain, the Tribunal ruled in favor of the appellant, considering the shop as a long term capital asset despite being part of a block of assets. The absence of depreciation claims and the holding period supported this decision, emphasizing that section 50 aims to tax business assets with claimed depreciation benefits. The appeal was allowed, overturning the AO's classification of the shop as short term capital gain. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347002