2019 (3) TMI 1555

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....  P.C.: 1. Revenue has filed this appeal against the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration: "I. Whether on the facts and in the circumstances of the case and in law, the ITAT is justified in holding that there did not exist any building on the sold property especially in view of the fact the specification in agreement of sale ....

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....epreciation and for the purpose of charging capital gain the depreciated value of the super structure should be taken into consideration. Learned counsel for the assessee however pointed out that such statement was promptly retracted. 3. The Tribunal by the impugned judgment held that there was no super structure on the land, which could be subjected to depreciation. The Tribunal noted that the....

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.... fact that the assessee has carried on its manufacturing activities in Kalachowki building was also accepted. Hence, the Ld CIT (A) has held that the assessee did not carry on any manufacturing activity in Kalina Property. Having held so, we are not able to understand as to how the Ld. CIT (A) could hold that the Kalina property could have been subjected to depreciation. The facts noted down by th....

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.... that period. The assessee was asked to produce the assessment records for the periods from AY 1975-76 onwards during the course of assessment proceedings undertaken in the year 2012. It may be noticed that considerable time has elapsed by that time and it would be difficult for anyone to produce old records, that too, more than 20 years old. This is fortified by the fact that the revenue also did....