https://www.taxtmi.com/caselaws?id=15404 The High Court of Karnataka ruled in favor of the assessee, upholding the individual's treatment of a purchased site and constructed building as separate assets for capital gains. The Court determined that land and buildings are distinct assets, even after construction, and that the gains from the site and building can be classified differently. The decision aligned with precedents emphasizing the separability of land and buildings for capital gains purposes, rejecting the Revenue department's argument based on a different case involving property transfer upon registration. en-us Thu, 23 Sep 1999 00:00:00 +0530 Thu, 06 Aug 2009 13:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15404 The High Court of Karnataka ruled in favor of the assessee, upholding the individual's treatment of a purchased site and constructed building as separate assets for capital gains. The Court determined that land and buildings are distinct assets, even after construction, and that the gains from the site and building can be classified differently. The decision aligned with precedents emphasizing the separability of land and buildings for capital gains purposes, rejecting the Revenue department's argument based on a different case involving property transfer upon registration. Case-Laws Income Tax Thu, 23 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15404