2006 (2) TMI 93

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....above tax case appeal is directed against the order of the Income-tax Appellate Tribunal in I.T.A. No.236/Mds/92 dated June 16, 2005. The brief facts of the case are stated as follows: The assessee owned 20,365 sq.ft. of land in Bangalore with an equivalent built up area and the same was treated as business asset and claimed depreciation. The assessee sold the property and claimed the gains ....

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.... 50 of the Act should not have been applied to the case of the assessee. The said order was also confirmed by the Income-tax Appellate Tribunal on the appeal preferred by the Revenue. Hence, the above appeal. Learned counsel for the appellant, under the facts and circumstances of the case, raises the following substantial question of law. "Whether on the facts and circumstances of the case, ....

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....her with the full value of such consideration received or accruing as a result of the transfer of any other capital asset falling within the block of 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 be....

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.... from the transfer of short-term capital assets." This court in Asst. CIT v. Raka Food Products [2005] 277 ITR 261, interpreting the scope and applicability of section 50 of the Act in a transaction relating to the land and building, of course along with machinery therein, treated the said transaction as a long-term capital gains and held as follows: "Land is not a depreciable asset. Section....