https://www.taxtmi.com/caselaws?id=466083 Capital gain arising from sale of land was characterised as long term capital asset because the land was shown as vacant land in financial statements, no depreciation had been claimed on sheds in preceding years, and the sale was a composite 'as is where is' transfer without cost bifurcation. The block-of-assets principle and valuation addition rule were found inapplicable where there was no evidence that the sheds formed part of a depreciable block on which depreciation had been claimed; accordingly the provision invoked for treating the transfer as short term was held inapplicable and the appeal was allowed. en-us Thu, 09 Dec 2021 00:00:00 +0530 Thu, 22 Jan 2026 10:03:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466083 Capital gain arising from sale of land was characterised as long term capital asset because the land was shown as vacant land in financial statements, no depreciation had been claimed on sheds in preceding years, and the sale was a composite 'as is where is' transfer without cost bifurcation. The block-of-assets principle and valuation addition rule were found inapplicable where there was no evidence that the sheds formed part of a depreciable block on which depreciation had been claimed; accordingly the provision invoked for treating the transfer as short term was held inapplicable and the appeal was allowed. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466083