https://www.taxtmi.com/caselaws?id=307055 The Tribunal ruled in favor of the assessee, holding that the sale value of the building should be adjusted against the block of assets under section 32 of the Income Tax Act. The decision emphasized the correct determination of the block of assets for depreciation purposes, stating that as long as the building remained a depreciable asset forming part of the block, no short term capital gains would arise from its sale. The Tribunal allowed the appeal, highlighting the importance of complying with the provisions of the Act in such matters. en-us Mon, 28 Mar 2022 00:00:00 +0530 Wed, 15 Mar 2023 21:07:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307055 The Tribunal ruled in favor of the assessee, holding that the sale value of the building should be adjusted against the block of assets under section 32 of the Income Tax Act. The decision emphasized the correct determination of the block of assets for depreciation purposes, stating that as long as the building remained a depreciable asset forming part of the block, no short term capital gains would arise from its sale. The Tribunal allowed the appeal, highlighting the importance of complying with the provisions of the Act in such matters. Case-Laws Income Tax Mon, 28 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307055