https://www.taxtmi.com/caselaws?id=349441 The High Court held that an asset remains part of the 'Block of Assets' even if it ceases to be used for business purposes. Once an asset is included in the block and depreciation is allowed, it remains within the block regardless of subsequent use. The Court ruled that the gain on the sale of an industrial property not used for business for many years attracts short-term capital gain provisions under Section 50. The Court's decision favored the revenue and emphasized the consistent interpretation of relevant statutory provisions by various High Courts and Tribunals. en-us Fri, 29 Sep 2017 00:00:00 +0530 Mon, 18 Jun 2018 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349441 The High Court held that an asset remains part of the 'Block of Assets' even if it ceases to be used for business purposes. Once an asset is included in the block and depreciation is allowed, it remains within the block regardless of subsequent use. The Court ruled that the gain on the sale of an industrial property not used for business for many years attracts short-term capital gain provisions under Section 50. The Court's decision favored the revenue and emphasized the consistent interpretation of relevant statutory provisions by various High Courts and Tribunals. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349441