2010 (12) TMI 815

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....sp; 1. This appeal by the assessee arises out of the order passed by the CIT(A) on 13th Aug., 2009 in relation to the asst. yr. 2006-07.   2. The only grievance is against the upholding of the view taken by the AO in treating long-term capital gain earned by the assessee on transfer of an office premises on which depreciation was neither claimed nor allowed by invoking s. 50 of the Act.....

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....d not accept the assessee's contention in view of s. 50 r/w Expln. 5 to s. 32 and computed short-term capital gain as under:-   Sale value 14,62,500 Less:- Purchase cost 8,26,750 Total 6,35,750 The assessee was unsuccessful before the learned CIT(A) as well.   3. We have heard the rival submissions and perused the relevant material on record. Sec. 50 has been invo....

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....of the transfer of any other capital asset falling within the block of the assets during the previous year, exceeds the aggregate of the following amounts, namely:-   (i) expenditure incurred wholly and exclusively in connection with such transfer or transfers;   (ii) the written down value of the block of assets at the beginning of the previous year; and   (iii) the actual....

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....prescription of s. 50 gets activated. Adverting to the facts of the instant case it is noted that the assessee included the property in its schedule of fixed assets for this year at Rs. 8,91,460. No depreciation was claimed in this year. We are in agreement with the learned Departmental Representative that merely not claiming depreciation in one year is not sufficient to push a case out of the pur....