https://www.taxtmi.com/caselaws?id=352330 The ITAT dismissed the appeal, upholding the CIT(A)'s decision on the computation of capital gains from the sale of land and factory shed. The ITAT agreed with the CIT(A) that the asset under transfer was not depreciable, as no depreciation had been claimed or allowed on the factory shed. Therefore, the ITAT found no merit in the assessee's argument and upheld the decision regarding the bifurcation of the sale consideration between land and building for tax calculation purposes. en-us Mon, 16 Oct 2017 00:00:00 +0530 Wed, 13 Dec 2017 08:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352330 The ITAT dismissed the appeal, upholding the CIT(A)'s decision on the computation of capital gains from the sale of land and factory shed. The ITAT agreed with the CIT(A) that the asset under transfer was not depreciable, as no depreciation had been claimed or allowed on the factory shed. Therefore, the ITAT found no merit in the assessee's argument and upheld the decision regarding the bifurcation of the sale consideration between land and building for tax calculation purposes. Case-Laws Income Tax Mon, 16 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352330