https://www.taxtmi.com/caselaws?id=382178 The Tribunal ruled that the capital gain from the sale of office premises should be treated as a long-term capital gain as the asset was held as an investment and not part of a block of assets requiring mandatory depreciation. The Tribunal directed the Assessing Officer to reconsider the disallowance of expenses for property improvement based on additional evidence provided by the assessee, emphasizing the need for a thorough review of relevant accounts and balance sheets. The appeal was remanded for a fresh decision on the cost of improvement while confirming the long-term nature of the capital gain. en-us Wed, 19 Jun 2019 00:00:00 +0530 Wed, 26 Jun 2019 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382178 The Tribunal ruled that the capital gain from the sale of office premises should be treated as a long-term capital gain as the asset was held as an investment and not part of a block of assets requiring mandatory depreciation. The Tribunal directed the Assessing Officer to reconsider the disallowance of expenses for property improvement based on additional evidence provided by the assessee, emphasizing the need for a thorough review of relevant accounts and balance sheets. The appeal was remanded for a fresh decision on the cost of improvement while confirming the long-term nature of the capital gain. Case-Laws Income Tax Wed, 19 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382178