https://www.taxtmi.com/caselaws?id=198569 The Tribunal rejected the addition by the Assessing Officer as Long Term Capital Gain and Short Term Capital Gain, and considered unabsorbed depreciation for requisite set off. The Tribunal found that the land sale should be considered long term capital gains, not depreciable assets. The matter was remanded back to the Assessing Officer for proper consideration. The Tribunal also allowed the adjustment of unabsorbed depreciation against current year's capital gains, overturning the decisions of the lower authorities in favor of the Assessee. en-us Fri, 10 May 2013 00:00:00 +0530 Sat, 03 Feb 2018 16:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198569 The Tribunal rejected the addition by the Assessing Officer as Long Term Capital Gain and Short Term Capital Gain, and considered unabsorbed depreciation for requisite set off. The Tribunal found that the land sale should be considered long term capital gains, not depreciable assets. The matter was remanded back to the Assessing Officer for proper consideration. The Tribunal also allowed the adjustment of unabsorbed depreciation against current year's capital gains, overturning the decisions of the lower authorities in favor of the Assessee. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198569