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2015 (4) TMI 588 - ITAT PUNEComputation of capital gain - AO taxing the amount of ₹ 4,89,89,000/- as long term capital gains on transfer of leasehold rights in respect of MIDC land by applying provisions of section 50C as against long term capital gain of ₹ 1,90,11,120/- declared and admitted by the appellant under this head - Held that:- Section 50C of the Act does not come into operation in the present facts where what is transferred by the assessee is only the leasehold rights in land which were acquired by it from Maharashtra Industrial Development Corporation (i.e. MIDC) on a 99 years lease basis. As a consequence, we setaside the order of the CIT(A) and direct the Assessing Officer to compute the long term capital gain on transfer of leasehold land by adopting the full value of consideration of ₹ 2,35,04,000/- declared by the assessee in the computation of income and allow the appropriate relief to the assessee - Decided in favour of assessee. Loss on sale/transfer of Dies belonging to others disallowed - Held that:- claim of the assessee has been rejected by the lower authorities on mere surmises and conjectures. The CIT(A) has reproduced in his order the written submissions put-forth by the assessee in this regard which clearly point out that assessee had given a detailed computation of manner in which the long term capital loss of ₹ 10,15,149/- in question has been worked out. There is no repudiation to the details furnished by the assessee before the CIT(A). Nevertheless, since the matter involves a factual appreciation, we deem it fit and proper to restore it back to the file of the Assessing Officer who shall verify the claim put-forth by the assessee and allow appropriate relief in accordance with law. - Decided in favour of assessee for statistical purposes. Computation of short term capital gain on sale of other depreciable assets - Held that:- Explaining the mistake committed by the lower authorities, it is pointed out that the Assessing Officer has missed out the exclusion of gain on Motor Cars of ₹ 75,536/- and has wrongly included the consideration of ₹ 10,00,000/- pertaining to Dies and moulds. The Ld. Representative pointed out that the aforesaid was a clear error on the part of the lower authorities and that there was no justification for enhancing the short term capital gain on depreciation asset to ₹ 82,93,137/- from ₹ 73,66,673/- as above. The order of the CIT(A) is accordingly set-aside and the Assessing Officer is directed to delete the addition of ₹ 9,26,464/- made by the Assessing Officer towards the amount of short term capital gain on sale of other depreciation assets. - Decided in favour of assessee.
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