https://www.taxtmi.com/caselaws?id=768350 The ITAT Mumbai held that sale of Pragee Office constituted short-term capital gain under section 50, as the property was a depreciable business asset on which depreciation was allowed until AY 2003-04. The tribunal determined that written down value as of 31.03.2003 (Rs. 33,02,106) should be deducted from sale consideration (Rs. 1,45,00,000) for capital gains computation. Despite being deemed short-term capital gain under section 50, the asset retained long-term capital asset character for tax rate purposes under section 112, and brought forward long-term capital losses could be set off against the computed gain. en-us Fri, 21 Feb 2025 00:00:00 +0530 Fri, 04 Apr 2025 13:25:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768350 The ITAT Mumbai held that sale of Pragee Office constituted short-term capital gain under section 50, as the property was a depreciable business asset on which depreciation was allowed until AY 2003-04. The tribunal determined that written down value as of 31.03.2003 (Rs. 33,02,106) should be deducted from sale consideration (Rs. 1,45,00,000) for capital gains computation. Despite being deemed short-term capital gain under section 50, the asset retained long-term capital asset character for tax rate purposes under section 112, and brought forward long-term capital losses could be set off against the computed gain. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768350