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2015 (3) TMI 1299 - AT - Income TaxApplicability of section 50C - issue of rate of tax while computing the capital gains - Held that:- We direct the AO to compute the capital gain from sale of industrial units and apply the appropriate tax rate after necessary verification, as the assets have been claimed to have been owned for more than three years. Ground no.1 is decided against the assessee. Interest under section 220(2) - Held that:- In view of the circular of CBDT vide Circle No.334 Dt.3.4.1982, the interest can be levied only from the date of default of the demand notice issued in pursuance of the fresh assessment order. The order of CIT(A) holding that interest under section 220(2) has to be levied from the date of default as per the original assessment order therefore cannot be sustained. The same is set aside and the claim of the assessee is allowed.
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