TaxTMI 
TaxTMI 
2010 (12) TMI 815
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....s 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. Briefly stated the facts of the case are tha....
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....w 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 invoked by the AO for treating the sale of asset as the one eligi....
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....ck 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 cost of any asset falling within the block of assets acquired during t....
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....e 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 purview of s. 50. It is necessary that the depreciation should have never been all....