https://www.taxtmi.com/caselaws?id=445742 ITAT Kolkata allowed the assessee's appeal regarding computation of long term capital loss on sale of land. The CIT(A) incorrectly treated land as depreciable asset under section 50, despite the assessee never claiming depreciation on land in books of account. The tribunal found CIT(A) digressed from the actual issue of whether long term capital gain computation was correct versus assessee's claimed long term capital loss with indexation benefit. Documentary evidence confirmed no depreciation was charged on land. The tribunal set aside CIT(A)'s order and allowed the assessee's claim for long term capital loss computation. en-us Wed, 09 Aug 2023 00:00:00 +0530 Sat, 18 Nov 2023 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445742 ITAT Kolkata allowed the assessee's appeal regarding computation of long term capital loss on sale of land. The CIT(A) incorrectly treated land as depreciable asset under section 50, despite the assessee never claiming depreciation on land in books of account. The tribunal found CIT(A) digressed from the actual issue of whether long term capital gain computation was correct versus assessee's claimed long term capital loss with indexation benefit. Documentary evidence confirmed no depreciation was charged on land. The tribunal set aside CIT(A)'s order and allowed the assessee's claim for long term capital loss computation. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445742