https://www.taxtmi.com/caselaws?id=368404 The High Court ruled in favor of the assessee regarding the applicability of Section 50 of the Income Tax Act, stating that it did not apply to the sale of land as it was not a depreciable asset. However, the court upheld the treatment of the long-term capital loss from the sale of shares as speculation loss, siding with the Revenue. The judgment resulted in a partial allowance of the appeal, with the first issue decided in favor of the assessee and the second issue in favor of the Revenue. en-us Tue, 18 Sep 2018 00:00:00 +0530 Tue, 13 Nov 2018 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368404 The High Court ruled in favor of the assessee regarding the applicability of Section 50 of the Income Tax Act, stating that it did not apply to the sale of land as it was not a depreciable asset. However, the court upheld the treatment of the long-term capital loss from the sale of shares as speculation loss, siding with the Revenue. The judgment resulted in a partial allowance of the appeal, with the first issue decided in favor of the assessee and the second issue in favor of the Revenue. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368404