https://www.taxtmi.com/caselaws?id=16361 The High Court upheld the Income-tax Appellate Tribunal's decision to bifurcate gains from the sale of a property into long-term capital gains for land and short-term gains for the building. The Court emphasized the separability of land and building as assets, allowing for differential treatment based on the holding period. The judgment favored the assessee, granting exemption under section 80T for the long-term gains and rejecting the Revenue's argument against bifurcation. The Court concluded that no referable question of law arose, affirming the Tribunal's decision and dismissing the tax case petition without costs. en-us Wed, 19 Feb 1997 00:00:00 +0530 Mon, 07 Sep 2009 12:29:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16361 The High Court upheld the Income-tax Appellate Tribunal's decision to bifurcate gains from the sale of a property into long-term capital gains for land and short-term gains for the building. The Court emphasized the separability of land and building as assets, allowing for differential treatment based on the holding period. The judgment favored the assessee, granting exemption under section 80T for the long-term gains and rejecting the Revenue's argument against bifurcation. The Court concluded that no referable question of law arose, affirming the Tribunal's decision and dismissing the tax case petition without costs. Case-Laws Income Tax Wed, 19 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16361