TaxTMI 
TaxTMI 
2024 (3) TMI 472
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....UNTANT MEMBER:- This is an appeal filed against the order dated 30-05-2023 passed by National Faceless Appeal Centre (NFAC), Delhi for the assessment year 2016-17. 2. The only grievance raised by the assessee is that ld. CIT(A) erred in confirming the addition made by the Assessing Officer for Rs. 7,67,802/- on account of sale of land and building. 2.1 The Assessing Officer during the assessme....
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....herefore, the written down value of Rs. 7,67,802/- should be allowed as a deduction against the compensation received. 4. However, the ld. CIT(A) disagreed with the submission of the assessee on the reasoning that the land cannot be made part of the block of assets and therefore the question of claiming the depreciation does not arise. Thus, the ld. CIT(A) confirmed the order of the Assessing Off....
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....itled for the deduction the cost of acquisition of the land in dispute along with indexation. But the ld. CIT(A) has not done so. 6. Similarly, it was also contended that the assessee has offered short term capital gain to tax @ 30% but if it bifurcates the compensation based on long term capital asset and short-term capital asset separately being land and building, then the tax liability of the ....
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....f land along with the indexation cost. Thus, we are of the view that such an order passed by the CIT(A) is not based on the provisions of law. 8.1 With prejudice to the above, we note that if we calculate the capital gain by the method adopted by the ld. CIT(A), we note that the tax liability of the assessee shall reduce further as evident below: Particulars STCG if sec. 50 is applicable LTCG ....